NAIROBI (CoinChapter.com) — Bitcoin’s latest price motion has proven vital clustering close to the $71,600 mark, hinting at a doable downturn in its trajectory. Based on insights from Rekt Capital, these clusters usually foreshadow downward actions into decrease price ranges.
Rekt Capital highlighted that Bitcoin’s consolidation across the $71,600 resistance degree has sometimes preceded corrections. This statement comes amidst Bitcoin’s present buying and selling at roughly $67,054, reflecting a 5.7% weekly decline primarily based on knowledge from Bitstamp.
Potential Correction Under $64,000 Earlier than Bullish Momentum Resumes
Whereas Bitcoin has already examined assist ranges close to $64,000, as famous by Rekt Capital relating to the Day by day CME Gaps, additional correction could also be crucial. This correction section might pave the way in which for Bitcoin to enter what analysts describe because the “parabolic phase” of its ongoing bull cycle.
On a extra cautious be aware, Titan of Crypto highlighted in a latest social media replace on June sixteenth that technical formations on greater timeframes, such because the month-to-month chart, recommend potential declines beneath $60,000. Titan’s analysis underscores the importance of those greater timeframes in assessing Bitcoin’s price actions, citing $58,800 as a important degree to watch by early July.
Bitcoin Technical Indicators and Market Sentiment
Bitcoin’s Relative Power Index (RSI), a key momentum indicator, presently stands at 41 as of June seventeenth. This means that Bitcoin’s price is hovering round truthful worth, though it beforehand dipped to 33 over the last main correction in early Might, coinciding with a price drop to $56,600 earlier than a swift restoration.
Moreover, market insights from Coinglass spotlight strong assist across the $64,500 mark, indicating potential liquidation of leveraged lengthy positions if breached. Conversely, short-term Bitcoin holders (STHs), outlined as these holding the asset for up to 155 days, present a realized price of round $62,200. This signifies vital assist amongst speculative merchants, doubtlessly bolstering Bitcoin’s price stability amid market volatility.
Centralized exchanges have seen notable liquidation occasions, with Binance main at $4.21 million, accounting for over half of the whole liquidations in a single day. Different platforms like OKX, Bybit, and Huobi World (now HTX) additionally recorded substantial losses, totaling $29.63 million, $8.17 million, and $5.83 million, respectively.
Since early June, centralized exchanges have skilled ongoing liquidation actions, with losses reaching $400 million by June seventh and roughly $190.97 million final week alone.