Bitcoin Price Halts Near $67K: More Correction On the Cards?
Bitcoin Price Halts Near 
67K: More Correction On the Cards?
Bitcoin found itself struggling in a range with 72K as the resistance zone and67K as the support zone.
The key reason for Bitcoin struggling can be attributed to post-halving capitulation by BTC miners.
Bitcoin has suffered rejection from the upper supply of 72K and has slipped near the67K for the second time this month. The BTC price has found itself stuck in the range formed and has been struggling to find a clear direction.
At the time of writing, the Bitcoin price seemed to be stabilizing near the lower boundary, recording a swift intraday gain of 0.61%. Bitcoin leads the cryptocurrency market with a 54% dominance and 1.32 Trillion market capitalization.
Some analysts are attributing this Bitcoin price struggle as the post halving capitulation by the BTC miners. Let's analyze it in detail and try to understand what is preventing the BTC price from rising towards new highs.
Why is Bitcoin Price Struggling?
Despite the positive trend in the equity markets, Bitcoin is struggling to gain any significant upward traction this month. This lack of momentum in BTC price can largely be traced back to the effects of the recent halving event that happened in April.
Moreover, The halving has led to a situation where miners are facing increased operational costs while the rewards for their efforts have decreased. As a result, many miners are forced to sell their BTC holdings to cover expenses, leading to a substantial increase in the supply of BTC in the market.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Marathon Digital, the largest <a href="twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc^tfw"> mining company, sold 1K <a href="twitter.com/search?q=$BTC&src=ctag&ref_src=twsrc^tfw">
BTC</a> yesterday, likely to cover expenses, marking the highest daily OTC volume since late March.<br><br>h/t <a href="twitter.com/jjcmoreno?ref_src=twsrc^tfw">@jjcmoreno</a> <a href="t.co/jM2C2TN8sN">pic.twitter.com/jM2C2TN8sN</a></p>&mdash Ki Young Ju (Ki_Young_Ju) <a href="twitter.com/ki_young_ju/status/1800609584823886199?ref_src=twsrc^tfw">June 11, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
Recently, Marathon Digital which is the largest Bitcoin mining company sold 1K Bitcoins, likely to cover their expenses. The selloff marked the highest daily OTC transaction volume since late March.
What’s Next For Bitcoin?
In the recent sessions, Bitcoin has found itself stuck in a range of 72K to 67K. the BTC price is unable to decide a clear momentum as of now. The 72K level has been acting as a strong hurdle for the bulls to surpass.
Few analysts are anticipating the formation of a local top while others are foreseeing it as a buy on dip opportunity before the price lifts off. Currently, the BTC price may maintain its consolidation until it is stuck in the range.
Now, a breakout or breakdown may indicate a clear direction. The breakout above the 72K may push the price towards the record highs. whereas, the breakdown below may validate the local top formation may price may correct more.
Conclusion.
Bitcoin price is oscillating between67K (support) and 72K (resistance) and has been unable to find a clear trend as of now. The recent halving event in April has increased miners' operational costs and decreased rewards causing them to sell BTC which has resulted in an increased supply. Marathon Digital's sale of 1K Bitcoins exemplifies this pressure.
Moreover, the analysts are split, with some seeing a potential local top while others viewing it as a buying opportunity. The market awaits a decisive move: a breakout above 72K could signal a new high, while a drop below67K might suggest further corrections.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
67K: More Correction On the Cards?Bitcoin found itself struggling in a range with 72K as the resistance zone and
67K as the support zone. The key reason for Bitcoin struggling can be attributed to post-halving capitulation by BTC miners.
Bitcoin has suffered rejection from the upper supply of 72K and has slipped near the
67K for the second time this month. The BTC price has found itself stuck in the range formed and has been struggling to find a clear direction.At the time of writing, the Bitcoin price seemed to be stabilizing near the lower boundary, recording a swift intraday gain of 0.61%. Bitcoin leads the cryptocurrency market with a 54% dominance and 1.32 Trillion market capitalization.
Some analysts are attributing this Bitcoin price struggle as the post halving capitulation by the BTC miners. Let's analyze it in detail and try to understand what is preventing the BTC price from rising towards new highs.
Why is Bitcoin Price Struggling?
Despite the positive trend in the equity markets, Bitcoin is struggling to gain any significant upward traction this month. This lack of momentum in BTC price can largely be traced back to the effects of the recent halving event that happened in April.
Moreover, The halving has led to a situation where miners are facing increased operational costs while the rewards for their efforts have decreased. As a result, many miners are forced to sell their BTC holdings to cover expenses, leading to a substantial increase in the supply of BTC in the market.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Marathon Digital, the largest <a href="twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc^tfw"> mining company, sold 1K <a href="twitter.com/search?q=$BTC&src=ctag&ref_src=twsrc^tfw">
BTC</a> yesterday, likely to cover expenses, marking the highest daily OTC volume since late March.<br><br>h/t <a href="twitter.com/jjcmoreno?ref_src=twsrc^tfw">@jjcmoreno</a> <a href="t.co/jM2C2TN8sN">pic.twitter.com/jM2C2TN8sN</a></p>&mdash Ki Young Ju (Ki_Young_Ju) <a href="twitter.com/ki_young_ju/status/1800609584823886199?ref_src=twsrc^tfw">June 11, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>Recently, Marathon Digital which is the largest Bitcoin mining company sold 1K Bitcoins, likely to cover their expenses. The selloff marked the highest daily OTC transaction volume since late March.
What’s Next For Bitcoin?
In the recent sessions, Bitcoin has found itself stuck in a range of 72K to 67K. the BTC price is unable to decide a clear momentum as of now. The 72K level has been acting as a strong hurdle for the bulls to surpass.
Few analysts are anticipating the formation of a local top while others are foreseeing it as a buy on dip opportunity before the price lifts off. Currently, the BTC price may maintain its consolidation until it is stuck in the range.
Now, a breakout or breakdown may indicate a clear direction. The breakout above the 72K may push the price towards the record highs. whereas, the breakdown below may validate the local top formation may price may correct more.
Conclusion.
Bitcoin price is oscillating between
67K (support) and 72K (resistance) and has been unable to find a clear trend as of now. The recent halving event in April has increased miners' operational costs and decreased rewards causing them to sell BTC which has resulted in an increased supply. Marathon Digital's sale of 1K Bitcoins exemplifies this pressure. Moreover, the analysts are split, with some seeing a potential local top while others viewing it as a buying opportunity. The market awaits a decisive move: a breakout above 72K could signal a new high, while a drop below
67K might suggest further corrections.Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.