Bitcoin remains under pressure as it has failed to reclaim key technical levels following the recent sell-off. BTC is trading at $61,024 at the time of writing. While the loss in the last 24 hours was 2.68%, the daily transaction volume was recorded as 36.22 billion dollars and the market value was 1.23 trillion dollars.
Critical thresholds stand out in the technical view
Cryptocurrency analyst Michaël van de Poppe pointed out in his evaluation dated June 24 that the main determining factor for Bitcoin is whether a higher bottom can be formed. According to the analyst, if this scenario occurs, the price may return above important technical levels again.
For Bitcoin to regain strength, it must first reclaim the 21-day simple moving average and then rise above the $65,000 level.
According to Van de Poppe’s analysis, if these two conditions are met, the selling pressure may ease and a new momentum may occur towards the $ 79,000 region during the summer months. On the other hand, it is considered that downward pressure may increase if these levels cannot be regained in the short term.
Mini dictionary: The 21-day simple moving average is a technical indicator that shows the average of closing prices over the last 21 days. Traders watch this level to see if the short-term trend is strengthening.
In the risk scenario highlighted in the analysis, there is a possibility that Bitcoin will fall below $ 59,000 and retest previous lows. For this reason, it is stated that the coming trading days may be decisive in terms of short-term direction.
Corporate transfers are closely monitored in the market
In addition to the technical pressure on the market, crypto tracking platform WhaleFactor reported a large-scale transfer. According to the shared data, 2,700 BTC associated with the asset management company BlackRock were transferred to Coinbase with a value of approximately 168.6 million dollars. 52,956 ETH was also included in the same transfer flow, and the total value of these assets was stated to be approximately 88.1 million dollars.
| Presence | Amount | Approximate value | transfer point |
|---|---|---|---|
| BTC | 2,700 | $168.6 million | coinbase |
| ETH | 52,956 | $88.1 million | coinbase |
BlackRock is known as one of the largest asset management companies in the world. High amount transfers to central exchanges are often interpreted as a development indicating possible sales preparations. However, there is no confirmed sign that the transferred assets were sent for sale.
Although large transfers to central exchanges raise concerns about the possibility of a possible sale in the market, the current transaction does not constitute a sales decision on its own.
Bitcoin’s direction also affects the general market sentiment
Bitcoin is seen as the key indicator that determines the general trend in the cryptocurrency market. While strong increases in prices often support other digital assets, sharp pullbacks can reduce risk appetite throughout the sector.
The current technical picture is being shaped in a period of increased sensitivity regarding the macroeconomic outlook, interest policies and corporate transactions. Therefore, investors are expected to closely monitor both the 21-day average and the $65,000 level in the coming days. If this region is exceeded, $ 79,000 may come to the fore again, while an unsuccessful recovery may trigger a new selling wave.
