July 24, 2024
Bitcoin Price Today is $65,339, Crucial Insights This Week
Bitcoin price today

Bitcoin Price Today is $65,339, Crucial Insights This Week

Monday, June 17, 2024: Bitcoin Price Today is $65,339. Bitcoin starts the new week in a different mood than much of June, now trailing at one-month lows. The Bitcoin price has taken a downturn after repeatedly challenging the $70,000 resistance. This has led traders and analysts to speculate on the immediate future of BTC — whether bulls or bears will take control.

BTC/USD 1-hour chart. Source: TradingView

Last week, U.S. macroeconomic data and Federal Reserve commentary impacted Bitcoin significantly. The largest cryptocurrency shed nearly 5%, briefly dipping below $65,000. Although fewer macro triggers are expected this week, employment figures might surprise as the U.S. inflation picture continues to send mixed signals to risk assets. Consequently, many are adopting a wait-and-see approach to BTC/USD, as the trading range shows no signs of shifting.

Bitcoin Miners Adjust to Post-Halving Reality

Behind the scenes, Bitcoin miners are adapting to the new post-halving economic landscape as a “capitulation” phase continues. Network fundamentals are cooling, with mining difficulty set to drop by around 1.3% this week. Despite these challenges, Bitcoin bulls managed a modest recovery, bringing the focus back to $66,000 as of June 17.

However, the previous week ended with BTC/USD down 4.3% at the weekly close, offering little hope to those seeking a definitive resistance/support flip at key levels of $69,000 and higher. DecenTrader noted, “Bitcoin remains red on 3-day Predator. Still no significant sign of a trend shift just yet.”

Monitoring resource CoinGlass highlighted the importance of the $66,000 level in terms of order book liquidity, with $67,300 acting as resistance. This has created a narrow trading corridor, with traditional finance (TradFi) unable to shift the status quo during the week’s first Asia trading session.

BTC liquidation heatmap (screenshot). Source: CoinGlass

Trader Jelle commented, “Sideways price action is – generally speaking – not a bad thing. A lack of patience is.” He added that the recent price movements were typical for Bitcoin and emphasized the need for bulls to wake up and push the price back into the range.

“Pretty sure this will resolve up, just like all the other times.”

Other analysts, such as Matthew Hyland, noted that Bitcoin’s 10-week simple moving average (SMA) remained intact through the recent dip, offering a glimmer of hope amid otherwise lackluster price action.

BTC/USD chart. Source: Jelle

Market Awaits Macro Data and Bitcoin Whales’ Next Moves

Following the deluge of macroeconomic data in June, the upcoming week offers some relief for risk-asset traders. Only U.S. jobless claims present a potential catalyst for volatility across crypto, with the sector showing sensitivity to unemployment surprises throughout 2024. The Juneteenth holiday gives the U.S. market a break on June 19, with jobless claims due the following day.

The Kobeissi Letter highlighted the impact of ongoing data prints on market expectations for a significant loosening in U.S. financial policy, stating, “Massive swings in Fed expectations continue to be incredibly profitable to trade this year.” Current estimates from CME Group’s FedWatch Tool show that the Fed’s September meeting is the earliest likely date for interest rate cuts to begin, with the next meeting in July having only around a 10% chance of resulting in a cut.

Fed target rate probabilities as of June 17 (screenshot). Source: CME Group

Financial commentator Tedtalksmacro noted the importance of maintaining the $66,000 support level in the face of any macro surprises. “For the upcoming week, it’s critical that Bitcoin maintains its support at $66,000 USD – if broken, sellers could take a stronghold on the market and force quick liquidations out of the bulls,” he warned.

“Reinforcing my view that dips are buying opportunities for risk assets like cryptocurrencies + stocks.”

Meanwhile, Bitcoin network fundamentals continue to show mixed signals as miners face economic upheaval post-halving. Current estimates foresee a 1.3% drop in mining difficulty at the next readjustment on June 20. Despite these challenges, Kripto Mevismi from CryptoQuant suggested that the Bitcoin market remains strong, supported by sustained demand rather than just miner activity.

“This period demonstrates the market’s ability to maintain a solid foundation even amidst potential adversities, indicating a strong and healthy Bitcoin ecosystem.”

Much attention has been given to Bitcoin whale behavior recently, with sustained accumulation ignoring changing short-term price narratives. This suggests that large-volume traders expect BTC prices to rise, providing gains in the coming weeks to months. Additionally, smaller-volume wallets are experiencing a resurgence. Data from Santiment shows that wallets with 10 BTC or more now number 16.16 million, the most since June 2022, reflecting 82% of the BTC supply.

“But since the exchange’s collapse in November, 2022, there has been an undeniable semblance of correlation between 10+ BTC wallet holdings and the coin’s overall market value.”

Bitcoin wallet numbers data. Source: Santiment

Santiment also referenced the fall of exchange FTX at the end of 2022, which triggered the Bitcoin bear market capitulation and subsequent bullish comeback at the start of 2023. This hodling trend is evident in wallets holding Bitcoin for over 155 days, supporting the current bull market with an aggregate cost basis just above $62,000.

Image by MichaelWuensch 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.

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