Bitcoin remains stable at press time, moving horizontally, looking at price action in the daily chart. Even though there are attempts to soak in the deluge of selling pressure, the path of least resistance is southwards, at least looking at events in the daily chart. The uptrend will resume and align with Q1 2024 gains once there must be a sharp uptick in participation. Most importantly, there should be a total reversal of June 24 losses. Before then, sellers have the upper hand in the short term.

Looking at price action, Bitcoin is stable on the last day, dropping 5% in the previous week. At the same time, there has been a change in trading volume as participation rises to over $21 billion. With sellers arrested due to the inability of losses of June 24 to be confirmed, it seems like the leg down early this week was climactic.

Traders are closely monitoring the following Bitcoin news:

• After 14 years, one wallet has sent 50 BTC to Binance.  These 50 BTC were earned from mining during the first epoch. The decision to liquidate now comes when prices are struggling for gains as sellers step up.
• The United States government has sent more BTC to Coinbase, stoking fears that their action could heap more pressure on the fragile digital assets. Analysts are buoyant, expecting any dump to be absorbed quickly in the market without triggering a sell-off.

Bitcoin Price Analysis

BTC/USD is under strong liquidation prices at spot rates.

With caps at $66,000 on the upper hand, sellers are in control.

Provided prices are inside the bear bar of June 24, every high might be an entry for sellers targeting $60,000 and $56,500.

This outlook is valid from an effort-versus-result perspective.

If sellers take charge, breaking below the support of this consolidation, Bitcoin prices will likely drop to as low as $50,000.