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Traders anticipate a significant breakout in Bitcoin's price as the options expiry approaches today. BTC, currently trading at $61,657 with a market cap of $1.2 trillion, has experienced a June downtrend. Analysts predict the potential for an upward movement.
Bitcoin Downtrend Faces Possible Reversal as Analysts Predict Significant Breakout Amid Market Stability
According to CoinGape, the Bitcoin (BTC) price has been continuously downward throughout June, failing to maintain a value above $62,000. Bitcoin's market capitalization is $1.2 trillion, currently trading at $61,657 as of this writing. The Bitcoin price has declined by nearly 5% every week. Nevertheless, a prominent market analyst, Rekt Capital, thinks the Bitcoin price is poised to experience a significant breakout from the June downtrend.
In a recent analysis, Rekt Capital predicted that the ongoing downtrend in the BTC price is imminently approaching its conclusion. Additionally, he emphasized that continuing price stability could exacerbate the potential for a breakout challenge in the future.
Rekt Capital observed that Bitcoin (BTC) is exhibiting an early-stage Bull Flag pattern, indicated by the orange band, in the context of current daily price action. If this pattern acquires momentum, Bitcoin has the potential to challenge the June downtrend and achieve a significant upward breakout.
CoinGape has reported that the Bitcoin bears are presently occupying a dominant position in the market and influencing BTC's price. Several market analysts think that the BTC price may experience further correction from its current levels in the face of robust miner capitulation.
Bitcoin Nears Critical Support as 22% Correction Looms, $6.6B Options Expiry in Focus
Rekt Capital has also stated that the current price retracement of BTC is approaching the typical 22% correction observed throughout the market cycle. This correction also exhibits a positive initial reaction consistent with the support levels of previous all-time highs.
Rekt Capital underscored that although downside wicks below the pattern bottom (denoted in orange) are permissible, it is imperative that Bitcoin's price close within the structure every week to preserve this support level.
Nevertheless, if the BTC price plummets to $60,700, there may be a significant liquidation. According to renowned analyst Ali Martinez, the BTC price could plummet below this threshold, liquidating $22 million.
Additionally, traders are closely monitoring the Bitcoin option's expiry today, as $6.6 billion worth of contracts are at risk.
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