Bitcoin Price Prediction as Bears Take Control – Will BTC Fall Below $60,000?

Bitcoin Price Prediction as Bears Take Control – Will BTC Fall Below $60,000?

Bitcoin (BTC) began the week on a bearish note, dropping significantly overnight from $64,380 to $62,650. Over the past week, BTC has declined more than 6%, currently trading around $61,090.

Increased Selling Pressure and Miner Activity

The decline can be attributed to selling pressure from 1.9 million addresses that bought Bitcoin between $63,490 and $64,930, likely aiming to lock in profits or limit losses. Additionally, miners have sold 30,000 BTC, valued at $2 billion, since June, contributing to the market downturn.

Influence of a Strong US Dollar

A bullish US dollar, supported by stronger-than-expected US PMI data released on Friday, has also weighed on BTC prices. Speculation that the Federal Reserve may cut interest rates in September could limit further losses for BTC.

Analyst Insights on Bitcoin’s Temporary Stability and Future Catalysts

Analyst Checkmate highlighted on X that Bitcoin has entered a period of calm, which is expected to be short-lived. According to Checkmate, markets typically require a catalyst to push prices higher, and the current decline is seen as temporary rather than a permanent trend. This period of relative stability is viewed as a temporary lull, with downturns often signaling overlooked opportunities for significant future gains.

Impact of Increased Bitcoin Miner Selling on Market Trends

Bitcoin miners have ramped up their selling since the start of the year, unloading about 30,000 BTC, valued at roughly $2 billion, since June. This increase in selling activity may be driven by unpredictable prices or the need to cover operational expenses. The impact of such significant offloading becomes more noticeable when considering the BTC held across different addresses at current prices. This increased selling by miners may affect market trends and investor sentiment, influencing Bitcoin’s price movements.

US Dollar Strength and Economic Data on BTC Price

Despite increasing bets that the Federal Reserve will cut rates in September, the US dollar has gained momentum due to stronger-than-expected US PMIs, pushing the dollar to its highest level since May 9. Markets are still pricing in the possibility of two rate cuts this year amid signs of easing inflation. This scenario could cap additional gains in the US dollar, but the current bullish trend in the dollar has undermined BTC’s price. The US composite PMI rose slightly from 54.5 in May to 54.6 this month, reaching its highest level since April 2022, indicating a strong finish to the second quarter. Input prices declined to 56.6 from 57.2, while output prices slowed to 53.5, showing some of the smallest increases in four years.

Bitcoin Price Prediction

Bitcoin is currently trading at $61,090, down 0.44%. The pivot point, marked at $62,140, is a critical level to monitor, suggesting a bearish Bitcoin price prediction. Immediate resistance levels are identified at $63,440, $64,510, and $65,710. If the price breaks through, these levels suggest potential upward movement, offering traders insight into possible bullish scenarios.

On the downside, immediate support is found at $60,620, followed by $59,670 and $58,630. These support levels indicate where the price might stabilize if it continues to decline, providing a roadmap for traders to plan their positions. The RSI stands at 13, indicating an oversold condition, suggesting that the current selling pressure might be overextended, potentially leading to a rebound. Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $63,870, serving as another critical level to watch for potential resistance.

The overall outlook remains bearish below the pivot point of $62,140. A break above this level could shift the bias to bullish, indicating the possibility of a price recovery.

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