Crypto Industry News:
Over the past week, BTC miners have been sending their Bitcoins to exchanges en masse. It is worth adding that according to the Glassnode analytical platform, this is the largest BTC transfer to trading platforms in the last 5 years.
The cryptocurrency community is watching the actions of the SEC and sees the impact on the market. The miners' actions may be a preventive sale of their BTC, for fear of further declines.
The first cryptocurrency established by Satoshi Nakamoto is still going strong. Miners are constantly mining more Bitcoins, and the value of this cryptocurrency is currently around $26,000 for one BTC. Bitcoin is currently more than 60% away from its ATH.
The outflow of BTC to trading platforms is very clearly visible and it is the largest transfer in the last 5 years. Nevertheless, the miners of the first cryptocurrency still hold 1.829 million BTC, which is worth about $50 billion in total. The BTC transfer was most visible after the actions of the American SEC regarding the Coinbase and Binance exchanges.
On June 11, experts from Glassnode reported a significant BTC transfer by miners in just a week. USD 70.8 million worth of Bitcoins entered the exchanges. This is the third record BTC inflow, but lower by USD 30.2 million from the record USD 101 million recorded during the 2021 bull market.
Technical Market Outlook:
The BTC/USD pair has been seen rallying over 17% from the low made at the level of $24,753, so the last local high made at the time of writing the analysis was located at $28,996. The bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are extremely overbought on the H4 time frame chart, but the next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 - $26,778
WR2 - $26,563
WR1 - $26,480
Weekly Pivot - $26,348
WS1 - $26,256
WS2 - $26,123
WS3 - $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.