Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch

Throughout this month of June, the Bitcoin (BTC) price has been on a continuous downtrend failing to sustain above $62,000 as of now. As of press time, Bitcoin is trading at $61,657 levels with a market cap of $1.2 trillion. On the weekly, the Bitcoin price is down by nearly 5%. However, popular market analyst Rekt Capital believes that the Bitcoin price is set to give a major breakout from the June downtrend.

Bitcoin Price Eyes A Breakout From June Downtrend

In a recent analysis, Rekt Capital predicted that the ongoing downtrend in the BTC price is soon about to end. He also highlighted that continued price stability could further lead to a breakout challenge in the future.

By observing the current daily price action in Bitcoin, Rekt Capital noted that BTC seems to be forming an early-stage Bull-Flag pattern (as visible in the orange band). If this pattern gains strength, Bitcoin could potentially challenge the June downtrend while giving a major breakout on the upside.

As CoinGape reported, the Bitcoin bears are currently having a stronghold in the market and dominating BTC price movements. Amid strong miner capitulation, several market analysts believe that the BTC price can correct further from the current levels.

Also Read: Will Bitcoin Price Drop to $50,000 Soon?

Key Levels to Watch for BTC

Rekt Capital has further added that the current BTC price retracement is nearing the typical 22% correction seen throughout the market cycle. This correction also shows a positive initial reaction aligning with the support levels of previous all-time highs.

Rekt Capital emphasized that while downside wicks below the pattern bottom (marked in orange) are acceptable, it is crucial for Bitcoin’s price to close within the structure on a weekly basis to maintain this support level.

However, there could be major liquidation in place if the BTC price slips to $60,700. Popular analyst Ali Martinez stated that we could be seeing $22 million liquidated if the BTC price drops under this level.

Also, traders are keeping a close watch on the Bitcoin options expiry today with $6.6 billion worth of contracts at stake.

Also Read: $6.6 Billion in Bitcoin Options Expiring Soon

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.