FX.co ★ The inflow of bitcoins to exchanges in June was the highest since March 2020, when digital gold was traded at $4,000 per coin

Bitcoin spends the last month of its life in a very narrow range between the $31,100 and $40,700 levels. The cryptocurrency cannot find reasons for new growth in any way, so the maximum that it can count on now is growth within a sideways channel. As we have already said, the fundamental background for the instrument remains extremely negative, therefore it is very difficult for bitcoin to count on the recovery of the bullish trend. However, there is no reason for this. According to analysts from the blockchain company CryptoQuant, a record number of bitcoin coins have been entering cryptocurrency exchanges in recent weeks. Most of the coins were received only in March 2020, when bitcoin dropped to $4,000 per coin. The CEO of the company, Ki Young Ju, said that even the "whales", about which many crypto experts had previously said that they would hold on until the very end, have already begun to sell their digital assets. The same was said about large investors, as well as institutions. But as practice shows, the efforts of large investors and institutions, as well as MicroStrategy, is not enough to keep the course afloat. Large investors can indeed keep Bitcoin and other cryptocurrencies on their balance sheets for years, expecting the notorious $100,000 per coin, but it seems that not all of them want to do this for years. In reality, it doesn't really matter whether the whales sell their coins or not. The important thing is that the influx of bitcoin coins to cryptocurrency exchanges is increasing. And the influx of coins means that more and more owners want to sell their coins, respectively, the supply is growing, but the demand is clearly not growing on the downward trend. Consequently, the more the supply grows, the more likely it is that Bitcoin will drop even more in price. We believe that the forecast of bitcoin falling to $19,000 - $24,000 is quite realistic. The only thing is that we do not expect its execution in the near future, since it turns out that bitcoin can lose about 65-70% of its value in just two to three months, which is very fast even for bitcoin. Given that we are counting on at least two years of consolidation, it is scary to imagine where "digital gold" may fall, in contrast to real gold. In general, the prospects for Bitcoin to open are very sad. We recommend that traders now actively follow the news from China, USA, and personally from Elon Musk. The benchmarks for the cryptocurrency are set, and these are the levels of $31,100 and $40,700. Between them, the lateral canal remains relevant.