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Bitcoin Bleeding As the United States Government Liquidates, Path to $50,000?

Bitcoin continues to trickle lower at spot rates, unwinding gains of June 25. Looking at the performance in the daily chart, it is clear that sellers are in control, and there could be more losses in the equation. As of writing, the coin is down roughly 20% from its all-time high, and sellers of June 24 are squarely in control. Unless there is an unexpected uptick peeling back losses of early this week, the trend remains southward in the short term.

Due to recent events, Bitcoin remains dicey and fragile. BTC is down 2% in the past 24 hours and 7% in the previous week. If there are more losses today, traders should closely monitor whether there was a decisive close of this week’s low. Then, it is likely that BTC will capitulate, pushing participation higher than the current $22 billion registered on the last trading day.

Bitcoin Daily Chart for June 27

Traders are watching the following Bitcoin news today:

  • Yesterday, the United States government followed in the footsteps of Germany and sent 3,940  BTC to Coinbase for liquidation. Following this, prices contracted, aligning the current price action with early losses this week. The United States government is one of the largest holders of BTC repossessed from criminals and hackers.
  • Following the release of Julian Assange on Monday, Jack Dorsey, the founder of Twitter, reportedly donated $500k in BTC to the WikiLeaks founder. Assange received even more donations worth nearly $1 million from the crypto community.

Bitcoin Price Analysis

BTC/USD is in red at press time, looking at the formation in the daily chart.

Following yesterday’s dip, aggressive traders can begin unloading the token on every attempt higher.

As it is, the immediate ceiling is at June 24 high at $63,000 and $66,000.

Provided Bitcoin remains below $63,000, every high might offer entries for sellers targeting $56,500—or May 2024 lows.

Further losses open up BTC to $50,000 and $45,000 in a bear breakout formation.

 

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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