Bitcoin Price Outlook: CryptoQuant Reports Billion-Dollar BTC Whale Selloff, While This Learn-to-Earn ICO Surges Towards Three Million Dollars

The price of bitcoin is down a fraction in the last 24 hours to trade at $65,241 at 00:46 am EST with trading volume down 46%.

This points to declining conviction among traders, leading to a lack of market participation and interest in btc at the moment.

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After the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin halve in 2020 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc oscillated 150 days in a boring price range between $9,000 and $11,000

We are currently 60 days away from the halving and people are deeply depressed by the price action.

Every cycle again pic.twitter.com/x2gfIFETMT

—Quinten | 048.eth (@QuintenFrancois) twitter.com/QuintenFrancois/status/1803379352878367203?ref_src=twsrc%5Etfw”>June 19, 2024

Meanwhile, CryptoQuant analysts note that btc whales and miners have sold over a billion worth of bitcoin in the past two weeks.

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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Long-term holding whales sold $1.2 billion in the last two weeks, likely through brokers.

ETF net flows are negative, with outflows of $460 million in the same period.

If this ~$1.6B in sell-side liquidity is not purchased OTC, brokers can deposit twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF

– Ki Young Ju (@ki_young_ju) twitter.com/ki_young_ju/status/1803137868254343450?ref_src=twsrc%5Etfw”>June 18, 2024

The report also highlights weak buying interest, noting: “Traders are not yet increasing their bitcoin holdings and demand growth from large holders (whales) still lacks steam.”

The sale coincides with net outflows from US-listed bitcoin ETFs in the same period, the data shows.

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June 19 update:

9 ETFs decreased 442 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc(-28.7 million dollars).twitter.com/hashtag/Grayscale?src=hash&ref_src=twsrc%5Etfw”>#Grayscale decreased 56 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc(-3.6 million dollars) and currently owns 280,322 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc($18.22 billion).https://t.co/Cm7cgD2Fd3 pic.twitter.com/9FAhxDPRR5

— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1803455824309920243?ref_src=twsrc%5Etfw”>June 19, 2024

He CryptoQuant Report explored three key reasons behind the drop and cited capitulation by miners, reduced stablecoin issuance, and substantial outflows from ETFs.

Miner capitulation refers to miners selling their bitcoin holdings due to declining profits. The lower issuance of stablecoins restricts market liquidity, amplifying price declines. The significant ETF outflows indicate that investors are dumping their bitcoin investments.

bitcoin Price Prediction as btc Rolls Inside the Golden Zone

bitcoin price is trading with a bearish bias, recording a series of lower highs over the past two weeks. As it stands, it has immediate support due to the 50% Fibonacci placeholder at $65,128 and neck deep into the Gold Zone.

The market is tilting in favor of the bears as the buyers' momentum is weak as the Relative Strength Index (RSI) is below the mid-level of 50. The Moving Average Convergence Divergence (MACD) Indicator It is also in negative territory below the signal. line, accentuating the bearish thesis.

If selling pressure increases, bitcoin price could test the critical support of $64,000, which marks the low of Tuesday's trading session. In a severe case, a decline to the most critical 61.8% Fibonacci retracement level could follow, below which the downtrend would solidify in the short term.

<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201366%20768'%3E%3C/svg%3E" alt="bitcoin” width=”1366″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Outlook-CryptoQuant-Reports-Billion-Dollar-BTC-Whale-Selloff-While.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-768×432.png 768w” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Outlook-CryptoQuant-Reports-Billion-Dollar-BTC-Whale-Selloff-While.png”/>

<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Outlook-CryptoQuant-Reports-Billion-Dollar-BTC-Whale-Selloff-While.png" alt="bitcoin” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Outlook-CryptoQuant-Reports-Billion-Dollar-BTC-Whale-Selloff-While.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/b-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>

eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed” target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-Day Chart

On the other hand, if the bullish momentum continues and the support level of $65,128 holds, bitcoin price could rotate around it and cause a change in the directional bias. In such a case, only a candle close above the 23.6% Fibonacci retracement level of $69,595 would justify bitcoin price from the hands of the bears.

Therefore, traders who want to take new long or short positions for btc should wait for a decisive breakout from the Fibonacci Golden Zone. Key Fibonacci retracement levels within the Golden Zone typically include 38.2%, 50%, and 61.8%. These levels are derived from the Fibonacci sequence and are believed to represent potential areas where an asset's price may reverse or consolidate before continuing in its previous direction.

Meanwhile, as bitcoin price determines its next move within the Golden Zone, crypto YouTuber TodayTrader suggests looking at 99BTC, a new learn-to-earn cryptocurrency that is a long-established educational platform.

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— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1787063963382939801?ref_src=twsrc%5Etfw”>May 5, 2024

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Join now! https://t.co/nA4Lw89WA0twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale twitter.com/hashtag/Alts?src=hash&ref_src=twsrc%5Etfw”>#alternatives pic.twitter.com/av0mkMvIbR

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— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1802644880918737115?ref_src=twsrc%5Etfw”>June 17, 2024

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