📉 Bitcoin Price Faces Downturn Amidst Miner and Whale Sell-Offs

For over a week, Bitcoin has experienced aggressive selling pressure, dropping from $71,947 to $66,197, marking an 8.3% pullback. This decline was influenced by pre-CPI data uncertainty, significant outflows from BTC ETFs, whale distribution, and Bitcoin miners’ capitulation. The price broke key support levels, signaling a continuation of the downtrend.

📊 Bitcoin Trading in a Bearish Reversal Pattern

Bitcoin has been consolidating within two parallel trendlines for the past three months, forming a bullish flag pattern—a setup typically seen during strong uptrends to stabilize price action before a higher rally. However, on June 7th, BTC faced a bearish reversal from the upper trendline, indicating potential prolonged consolidation. This downturn led Bitcoin to a 4-week low of $64,936, with the market cap dropping to $1.28 trillion.

💰 Impact of Miner and Whale Activities

Crypto trader Alicharts highlighted that Bitcoin miners sold over 1,200 BTC worth $79.20 million recently, contributing to the price correction. Data from CryptoQuant showed a notable increase in miner selling starting June 10, 2024, correlating with Bitcoin's price decline post-halving adjustments.

Meanwhile, Bitcoin whales liquidated over 50,000 BTC in the past 10 days, totaling about $3.30 billion, further driving the price downward.

📉 Technical Outlook and Support Levels

Sellers breached the combined support of $66,588 and the 50-day EMA slope, suggesting potential further decline. If the breakdown continues, Bitcoin could test as low as $57,000 by the end of June, seeking support from the lower trendline of the flag pattern. Buyers need a breakout above the flag pattern to regain control, potentially triggering a rally towards $90,000.

In summary, Bitcoin faces challenges from miner and whale activities amidst broader market uncertainties, prompting caution among investors and traders alike.