Bitcoin Market Analysis: Whales’ Activity and Midterm Price Action
The cryptocurrency industry, led by Bitcoin (BTC), is facing increased selling pressure in recent weeks, with altcoins experiencing a relief rebound. However, further market correction could be on the horizon if buyers do not regain control.
One factor contributing to the bearish sentiment is the German government’s increased selling of Bitcoin, along with the looming $9 billion Mt.Gox distribution. Additionally, US spot Bitcoin ETFs have seen significant cash outflows recently.
On-chain data shows that over 103k Bitcoins, valued at over $6.3 billion, have been added to OTC markets in the past six weeks.
Bitcoin’s price has been ranging between $72k and $60k over the past four months, with technical indicators suggesting a potential double top formation and bearish divergence on the weekly RSI. A weekly close below $60k could confirm a bearish pattern.
Despite these challenges, analysts believe Bitcoin may have already established a local bottom and could see a market rebound in July, following a historical trend of double-digit gains in July after a choppy June.
The upcoming listing of spot Ethereum ETFs in the US is expected to boost bullish sentiment in the industry, with increased liquidity as more institutional investors enter the market.
