Deep-dive into the latest Bitcoin price analysis and discover what’s in store for BTC price in the weeks ahead as the German government continues to hammer markets with Bitcoin sell pressure.
Looking back, June was a quiet month. In the last four weeks, Bitcoin lost 18% in an unprecedented but nevertheless unexpected post-halving dip.
The result was disastrous for altcoins, including Solana. Its effect was also felt on meme coins and NFTs—a sector that continues to be hammered and is fast fading from the pump of 2021.
The thing is, Bitcoin is out of the woods; it is just not now. Though prices hover above the psychological $60,000 mark, some analysts think the weekend surge is suspicious.
Bitcoin Price Analysis: Here’s Why The BTC Price Rally Is Likely “Fake”
While the bulls might be celebrating, one analyst on platform X believes the current uptick could be artificial, driven by exchange activity rather than genuine user demand.
Taking to X, he argues that the current leg up is primarily because exchanges are “buying the dip, ” taking advantage of the recent plunge.
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This take is due to what’s happening on change.
Sharing a chart, he explained that the growth of holders with more than 10,000 BTC has been unusually expanding. However, all other cohorts, including miners, have been decreasing their stash, exiting the market.
Though prices are rallying and exchanges appear to spearhead this push, the analyst is concerned, saying this artificial price inflation might not be sustainable in the long term.
Further pouring cold water to the current optimism, the analyst picked out a surge in leverage trading activity at the $60,900 level. Per his assessment, the heightened activity is triggering a short squeeze, forcing out sellers.
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Whether prices will rise or contract, reversing recent gains, remains to be seen for now.
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German Government Selling As Prices Back To Accumulation Zone
Headwinds are slowing down buyers. Today, the German government sent more coins to multiple exchanges, including Bitstamp. The transfer means they will likely liquidate, deflating the upside momentum.
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From a technical perspective, it’s clear is that Bitcoin price is back in the re-accumulation range, stuck between $56,800 and $74,000.
The uptrend of Q1 2024 also remains but needs to be confirmed.
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If buyers build on from June 30 gains, pushing prices above $66,000, there is a chance that the coin will float higher, breaking $72,000 in the medium term.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
