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Bitcoin price is at $59,380 at the time of writing and recently fell to $59,058. Altcoins are in the red, and sales continue. BTC price, which has held above $59,700 for over seven weeks, lost its key support level. We see that sales have accelerated as a result of closures below $64,600.
Why Are Cryptocurrencies Falling?
There are many fundamental reasons for the worsening market conditions. The risk of Bitcoin price falling to $57,500 has become evident. One of the main triggers is the news that MTGOX claims will finally be returned after years. Creditors will receive 141,686 BTC worth $8.6 billion starting from July.
An anonymous influencer, fejau, claimed that the payment announcement was either predicted or known in advance. This intensified the sales brought by the German government’s transfer of 6500 BTC. The wallet contains approximately $3 billion worth of assets believed to have been seized from an illegal film website operating in 2013.
Thus, the simultaneous start of sales by Germany and MTGOX returns creates a sales risk of over $11.6 billion. This is not far from the total inflows of all ETFs to date.
Nvidia’s 5% loss on June 24 disrupted the positive atmosphere in the US stock markets. This also supported the negativity in the cryptocurrency markets. Data shows that the BTC futures premium fell to 8% on June 22, indicating a loss of bullish sentiment. Put options are at a four-week high, which is negative for BTC. Additionally, GDP and PCE data have the potential to come in poorly this week. Moreover, the steady net outflows in the ETF channel also support the bears.
Bitcoin (BTC) Forecast
BTC is still in an uptrend, but intermediate declines are painful. Especially in altcoins, the impact is much greater. The potential drop between $58,800 and $56,845 that we’ve been mentioning for a while will erase gains in altcoins. Below this, bears have the potential to target $52,400 and $50,600.
Investors may see sudden drops due to potential BTC transfers by the German government and possible movements in the MTGOX wallet.
