July 24, 2024
Bitcoin Price is $69,308 , Braces as $1.2B BTC Exits Exchanges
Bitcoin price today

Bitcoin Price Braces For CPI as Exchanges Shed $1.2B BTC

Wednesday, June 12, 2024: Bitcoin Price Today is $69,308, following a widespread cryptocurrency downturn that led to significant withdrawals from exchanges. Data from TradingView showed Bitcoin price action steadying as markets prepared for key macroeconomic events in the United States.

BTC/USD 1-hour chart. Source: TradingView

The cryptocurrency had previously dropped to $66,000, triggering long liquidations worth over $50 million according to monitoring resource CoinGlass. This pattern is familiar, typically occurring before Federal Reserve meetings on interest rates, with the latest meeting scheduled alongside the release of the May Consumer Price Index (CPI).

BTC liquidations (screenshot). Source: CoinGlass

Market Sentiment and Price Predictions

Many traders noted classic Bitcoin price behavior, with BTC/USD facing key resistance below its all-time highs. Popular trader Follis highlighted this sentiment on X, stating, “Same accounts on CT start calling for higher. Saying 100k is programmed. Saying we’re gonna break out and leave the bears behind. When the fact is that $BTC has just been trading in a range for 3 months.”

Other analysts suggested the potential for further downside movement towards $60,000 if market dynamics did not shift. At the time of writing, CoinGlass data indicated liquidity was building around $65,700 on the downside, with $67,700 identified as the main resistance level to surpass for upward movement.

Popular trader and analyst Rekt Capital echoed these sentiments, drawing comparisons between the current Bitcoin price cycle and previous ones, stating, “History prevails.”

“Bitcoin was not able to breakout this early in the Post-Halving period, as history suggested.”

BTC/USD comparison. Source: Rekt Capital

Significant Exchange Withdrawals

Onchain data showed ongoing withdrawals from exchanges, particularly focusing on Coinbase, the largest U.S. exchange. The BTC balance on Coinbase Pro dropped by 14,420 BTC ($972 million) within 24 hours leading up to the time of writing, adding to the existing trend of decreasing exchange balances noted earlier in June.

Over the 30 days leading up to June 12, Coinbase saw a reduction of over 38,000 BTC, with overall exchange balances reaching their lowest levels in seven years. Onchain analytics platform Glassnode reported a net transfer volume from exchanges of 17,967 BTC ($1.21 billion) on June 11.

Bitcoin net transfer volume from/to exchanges. Source: Glassnode

These dynamics underscore a significant movement of Bitcoin off exchanges, indicating potential long-term holding patterns among investors amidst a backdrop of uncertain market conditions and anticipated macroeconomic developments.

Image by p2722754 from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Bitcoin’s at $62,832, Bids Near $60K Signal Recovery Hope

Anna Garcia

Bitcoin Price Today is $62,343, Bulls Suffer Post-Halving ‘Boredom’

Anna Garcia

Bitcoin’s at $70880, Surges 1,800% Four Years After COVID Crash

Chloe Taylor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.