Bitcoin (BTC) price has been on a downtrend in June, currently trading at $61,657 with a market cap of $1.2 trillion. Rekt Capital predicts a major breakout from the downtrend, pointing out a Bull-Flag pattern forming in the current price action. The dominance of Bitcoin bears and strong miner capitulation suggest a further correction in price. Key levels to watch include the 22% retracement and the support levels of previous all-time highs to maintain stability.
The ongoing price retracement in Bitcoin is nearing a typical 22% correction seen in the market cycle. Rekt Capital emphasizes the importance of closing within the pattern structure on a weekly basis to maintain support levels. Analyst Ali Martinez warns of potential liquidation if the BTC price drops below $60,700, with $22 million at stake. Traders are closely monitoring the Bitcoin options expiry today with $6.6 billion worth of contracts expiring soon.
The Bitcoin price may give a major breakout from the June downtrend as Rekt Capital predicts. The formation of a Bull-Flag pattern in the price action suggests potential strength for Bitcoin to challenge the downtrend and move upwards. Despite the dominance of bears and miner capitulation, Bitcoin’s price stability and support levels are crucial for maintaining a positive outlook.
Rekt Capital’s analysis highlights the importance of observing key levels and support structures in Bitcoin’s price movement. The market cycle typically sees a 22% retracement, which aligns with the current correction. Maintaining stability within the pattern structure on a weekly basis is essential for avoiding major liquidation. Analysts warn of potential downside risk if Bitcoin fails to hold key support levels.
In conclusion, Bitcoin’s price remains on a downtrend in June, currently trading around $61,657. Market analysts predict a potential breakout challenge from the downtrend, with a Bull-Flag pattern forming in the price action. Key levels to watch include the 22% retracement and support levels of previous all-time highs for maintaining stability. Traders are cautious of potential liquidation if BTC price drops below $60,700, with $6.6 billion worth of contracts expiring soon. Monitoring these key indicators and support levels is crucial for understanding Bitcoin’s future price movements.
