What’s Next for Bitcoin Price? Whales Take Bags!

Bitcoin price soon lost the excitement caused by US inflation data being below expectations. On June 13, as markets awaited the next US inflation data, Bitcoin gave back the previous day’s gains. Okay, what’s next?

What is the latest situation for Bitcoin price?

Market data shows that although the BTC/USD pair briefly surpassed $70,000 after the daily close, the price course has reversed. The subsequent move saw $66,983 as a new bottom on Bitstamp, and at press time Bitcoin was down around 1.3% on a daily basis. Lower-than-expected information from the Consumer Price Index (CPI) created excitement. At the same time, the Federal Reserve’s interest rate meeting continued the tightening policy, as expected. However, the statements made by Fed Chairman Jerome Powell at the press conference made risky assets uneasy. As we reported as Kriptokoin.com, Powell reiterated that interest rate cuts are not on the agenda in the near future. He used the following words:

We think the policies are tightening. And ultimately, if you keep political interest rates only at a tightening level, you will eventually see a real weakening of the economy. Therefore, our opinion has always been that since we raised the interest rates to this level, we have always pointed to interest rate cuts at a certain point.

According to information obtained from CME Group’s FedWatch Tool, markets reduced the likelihood of a rate cut by the Fed at its September meeting by approximately 10%. Finance commentator Tedtalksmacro (formerly Twitter) expressed his opinion as follows: “Today’s FOMC meeting certainly struck a more hawkish tone. But the market has actually priced in this scenario. The main result is that it is understood that deflation continues with CPI information. This can be seen quite clearly from the movement of stocks. “The cryptocurrency market will also follow this trend.”

Analysis: $69,000 is key for “range” Bitcoin price

Trading resource Material Indicators, which examines Bitcoin price dynamics, revealed the role of Bitcoin whales in the day’s price volatility. “Watching Bitcoin’s morning rise and complete retreat is further proof that these Killer Whale Games are happening exactly as I outlined in my analysis since Friday,” the analyst source said. said. Material Indicators cited ongoing changes in order book liquidity, using external factors such as US macro information as a stage, noting that this is driving the price both up and down.

He emphasized that from a broad perspective, the picture remains the same and $69,000 is the key level that should be set as reinforcement. “Everything you need to know is in the charts,” he wrote. “The most valuable thing to me is that we do not see a lower base and BTC eventually confirms an R/S reversal at $69,000. Until then, BTC will remain intermittent.” he added.

Whales are buying

According to CoinGecko data, Bitcoin started to lose value after rising above $ 69,000 yesterday evening. Today, it started the day just below $67,500. However, in a different way, after the price drop, signals emerged that whales were taking action. Blockchain analysis platform Lookonchain shared that whales started collecting Bitcoin after its price dropped.

According to BitInfoCharts information, two wallets, which were opened on May 27 and have not made any significant transactions since then, withdrew a total of 2,000 Bitcoins from the Binance exchange today. This move occurred at a time when the Bitcoin price was $67,491.