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Can Bitcoin Bulls Break the $66K Barrier Amid Market Challenges?

Published 2024/06/22, 07:31
Updated 2024/06/22, 14:30
Can Bitcoin Bulls Break the $66K Barrier Amid Market Challenges?

The News Crypto -

  • Bitcoin transaction fees drop 64%, reflecting reduced network activity.
  • Miners’ selling pressure increases, driving Bitcoin price below $64,000.

The Bitcoin market is experiencing its least bullish phase since September 2023 as the price of Bitcoin (BTC) stagnates around the $64,000 mark. Currently, it trades at $64,310 with a 0.36% decline along the trading volume facing a 7% decline in the past 24 hours.

A substantial decrease in total transaction fees on Bitcoin’s network has been observed, with fees plummeting by 64% to $19.2 million. This decline in fees signals reduced activity on the network, contributing to the current bearish sentiment.

Additionally, CryptoQuant reports a two-month high in the amount of Bitcoin sold by miners on exchanges. Factors such as reduced mining rewards and lower transaction fees have heightened selling pressure on price.

Despite these challenges, it continues to attract attention from institutional investors. Michael Dell, CEO of Dell Technologies (NYSE:DELL), a company with a market cap exceeding $100 billion, recently showed a vague interest in Bitcoin.

On Thursday, Dell tweeted, “Scarcity creates value,” prompting Saylor, executive chairman of MicroStrategy (NASDAQ:MSTR), to reply, “Bitcoin is Digital Scarcity.” Dell then reposted Saylor’s comment, further sparking interest.

Meanwhile, significant movements by whales have been noted. Recently, 10,500 BTC (approximately $675 million) were transferred from an unknown wallet to a new unknown wallet. Additionally, another 800 BTC (around $51 million) were moved from an unknown wallet to Kraken.

Can BTC Surge Past $66K?

Analyzing Bitcoin’s trajectory, it is trading below the critical support level of $65,800, now below $64,000. Falling beneath this threshold suggests a potential 8%-12% correction towards $60,000.

For bulls, sustaining momentum is crucial. The next significant milestone lies at the $66,524 mark, with $69,904 also in sight if the upward trend continues.

This article was originally published on thenewscrypto.com

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