Bitcoin (BTC) extended its decline by more than 3% this week as bears maintained their selling pressure. Although the price dipped below the short-term holder realized price (STH-RP) of $64,230, the bears could not deepen the correction. This suggests that the bulls are trying to defend the STH-RP, the aggregate cost basis of Bitcoin holders — wallets storing Bitcoin for 155 days or less.
According to Farside Investors data, Bitcoin’s weakness has resulted in sustained outflows from the spot Bitcoin exchange-traded funds since June 13. This suggests that Bitcoin investors are nervous about the near-term prospects.
Crypto market data daily view. Source: Coin360
Independent analyst Willy Woo said in a post on X that Bitcoin’s recovery is likely to start after the “weak miners die” and the hashrate recovers. In 2020, the hashrate recovered in 8 days; in 2017, the recovery took 24 days. Woo added that miner capitulation is taking a lot of time post-halving this year, possibly due to “ordinal inscriptions boosting profits.”
If Bitcoin starts to trade above $64,602, it is likely to attract buying in select altcoins. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin broke below the $64,602 support on June 21, but the bears failed to build upon their advantage. This suggests that selling dries up at lower levels.
BTC/USDT daily chart. Source: TradingView
The bulls will have to drive the price above the moving averages to trap the aggressive bears. If they do that, the BTC/USDT pair is likely to pick up momentum and rally to $70,000 and then to $72,000. The bears are expected to mount a strong defense in the $72,000 to $73,777 zone.
Contrarily, if the price turns down from the current level or the moving averages, it will signal that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a deeper correction to $60,000.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the bulls are attempting a recovery, which is facing selling at the 20-EMA. If the price continues lower, the bears will again try…
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