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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Bull Run In Jeopardy? Analyst Finds Market Top Signals With BTC At $40,000

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:43 pm
2 mins read
Bitcoin BTC BTCUSDT BTC Price

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Bitcoin is walking back on some of its gains over the past few days. The number one cryptocurrency by market cap might be on the verge of a more significant retracement, which could push it back to the $30,000 zone.

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As of this writing, Bitcoin (BTC) trades at $40,950 with a 2% loss in the past 24 hours. On the weekly chart, the cryptocurrency records a 3% loss, with all tokens in the top 10 by market recording a similar performance, except for Avalanche (AVAX).

Bitcoin BTC BTCUSDT Chart 1
BTC’s price is losing bullish momentum on low timeframes. Source: BTCUSDT on Tradingview

Bitcoin Hits Local Top? Bull Run Slows Down

Over the weekend, Bitcoin was rejected from the critical resistance level at $43,500. According to a pseudonym analyst, as the BTC price dropped to its current levels, a significant player placed a “substantial resistance block.”

The chart below shows that the selling order is 1,562 BTC, or around $7 million. It also shows thick support for BTC as the bullish momentum fades.

Bitcoin BTC BTCUSDT Chart 2
BTC’s price faces a spike in selling orders on the Binance exchange. Source: @JA_Maartun On X

In other words, Bitcoin might slow down, but the area around $40,000 could provide critical support for a potential bounce. The analyst stated on the increasing selling orders appearing on the books:

Massive resistance added on BTC Binance Spot. This is what a top looks like. A substantial resistance block of 1562 BTC has just arrived in the order books.

BTC Whales On The Move

While many believe that the market can absorb the spike in selling pressure, crypto analytics firm Material Indicators showed that Bitcoin is losing the support of major players. Over the weekend, players selling orders above $1 million “dumped” their positions.

The firm has been warning traders about this possibility by arguing that the recent bullish price action was a strategy to suck in liquidity from retail investors. Once this smaller player jumped in, whales began to “distribute” or sell their coins into the rally.

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In that sense, the firm set a potential local top for BTC at $45,000. Keith Alan, one of Material Indicators senior analysts, stated the following on the current price action:

The good news is, at some point the market does flip to accumulation, and prices moving lower will get us to that point. As bad as it looks for bulls right now, I’m not expecting a straight line down. Time to exercise some patience and see how things develop from here.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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