A new weekly Bitcoin candlestick (BTC) opened at USD 9,327 on June 15, below a crucial resistance level of USD 9,400. Traders say that the price of Bitcoin could fall to USD 7,000 in the near future.
The critical short-term support levels are considered to be $9,200 and $9,000. If the Bitcoin price falls at both levels and stays at $8,000, some traders expect Bitcoin to fall to $6,000.
Just hours after the weekly sail opened, the price of Bitcoin fell to USD 8,892 on BitMEX for the first time in two weeks.
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USD 6,000 to 7,000: where traders see Bitcoin going
In the coming months, traders anticipate that the price of Bitcoin will fall to the following levels: USD 7,700, 7,300, 7,100, 6,400 and 6,000.
All of the above price points are of historical importance. The level of USD 6,400, for example, is where Bitcoin bottomed out after a 40% drop in December 2019 to rise to over USD 10,000 in the next six weeks.
Crypto-investor Scott Melker said that if Bitcoin fails to hold the USD 9,270, he is likely to see a decline in the near future:
„That time divergence was enough for a little bounce, but this big upward wedge seems to be breaking up on a daily basis. If the $9,270 mark is not maintained, we are likely to see a decline.
In the short and medium term, crypto-currency trader Satoshi Flipper noted that the USD 9,000 to 9,200 support range is crucial to maintaining Bitcoin’s momentum. If Bitcoin stays below USD 9,000 and 9,200, the trader said that a deep downward trend can be expected.
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Bitcoin price at a crucial point that may decide months of downtrend
The price of Bitcoin is at a crucial point that can decide months of downward trend. Source: Satoshi Flipper
Over the past month, the volume of spot trading in the Bitcoin market has remained relatively stagnant, while futures trading activity has skyrocketed. The worrying trend in daily BTC volume could reduce the resistance of the main cryptomoney to a possible sale.
Bitcoin spot volume trend since mid-May
Attention to the rising sales levels of the miners
According to data from BTC.com, the adjustment of the difficulty of Bitcoin mining is expected to occur in about 30 hours.
Initially, it was estimated that the difficulties of mining Bitcoin increased by about 12%. Now, the difficulty is about to be corrected by more than 14%.
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The mining difficulty of Bitcoin is set to increase by 14.4%
In simple terms, it will become 14% more difficult for miners to mine Bitcoin overnight, which will lead to increased BTC mining costs every day, which may result in higher levels of sales by miners.
As Bitcoin investor Willy Woo said earlier, miners are one of two unparalleled sources of selling pressure in the Bitcoin market:
„There are only two unparalleled selling pressures in the marketplace. (1) Miners who dilute the supply and sell in the market, this is the hidden tax through monetary inflation. And (2) the exchanges that tax traders and sell in the market.“
If Bitcoin falls below USD 9,000, additional selling pressure from the miners may increase the likelihood of a short-term correction.