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Bitcoin's Struggle Against US Stock Market Predicted to Persist

Bitcoin's price faces pressure as 87% of holders are still in profit, suggesting potential for more selling. A bull run is expected around the US elections.

• Main Points:

  • Price Drop: Bitcoin falls below $65,000, underperforming the US stock market.

  • Profit-Taking: 87% of holders are still in profit, indicating more potential selling.

  • Miners' Impact: Miners sold over 30,000 BTC in June due to higher costs post-halving.

  • ETF Outflows: Over $500 million in outflows from Bitcoin ETFs last week.

  • Government Sales: The German government is selling its Bitcoin holdings.

• Detailed Insights:

  • Underperformance: Bitcoin has dropped 10% from its June high, lacking new catalysts.

  • Selling Pressure: Profit-taking continues as the market nearly doubled between Q4 2023 and Q1 2024.

  • Future Outlook: Analysts predict consolidation until summer 2024, with a bull run starting around September, influenced by the US elections.

  • Economic Indicators: The upcoming PCE price index release is crucial, with mixed signals from CPI and personal income data.

Related: Bitcoin Price Action: 6 Months of Sideways Movement?

Bitcoin Price Forecast: Further Decline Likely as Investor Demand Stays Low

Bitcoin's price may fall further due to low new investor engagement and selling by long-term holders. Future growth is possible, but the short-term outlook remains weak.

• Main Points:

  • Current Price: Bitcoin at $63,719, down nearly 5% in the past week.

  • Investor Demand: Low new investor engagement; active addresses are up 6.47%, and new addresses are stagnant.

  • Long-Term Holders: Increased selling by long-term holders.

  • Price Prediction: Possible drop to $61,000.

  • Market Sentiment: RSI nearing oversold territory, indicating bearish momentum.

• Detailed Insights:

  • Absence of New Investors: Stagnant new addresses and a 22% surge in zero-balance addresses reflect low demand.

  • Price Predictions: Potential declines to $54,000 or more likely $61,000.

  • Selling Pressure: Rising Mean Coin Age (MCA) suggests selling by long-term holders.

  • Market Indicators: RSI indicates the potential for further price drops unless buying pressure increases.

  • Short-Term Outlook: Demand is expected to remain low, maintaining downward pressure.

Related: Bitcoin Price Set to Surge in 10 Days Amid Fed Stimulus

Bitcoin Mining Heats Finnish Homes in Marathon Digital’s New Initiative

Marathon Digital’s Finland project recycles Bitcoin mining heat to warm 11,000 Satakunta residents, promoting sustainability.

• Main Points:

  • Project Launch: The 2-megawatt data center in Satakunta began in late May.

  • Heat Recycling: Excess heat warms local homes.

  • Sustainability Goals: Reduces operational costs and carbon emissions.

  • Market Growth: The district heating market is set to grow significantly.

  • European Context: Europe's colder climate aids district heating.

• Detailed Insights:

  • Project Overview: Marathon’s data center in Satakunta recycles heat to warm 11,000 residents.

  • CEO Statement: Fred Thiel highlights the dual benefits of digital asset production and home heating.

  • District Heating: Finland’s biomass energy supports using data center heat.

  • Sustainability Strategy: Aligns with Marathon’s goals of zero-cost power and lower emissions.

  • Expansion Plans: Marathon seeks new revenue through heat recycling across its global locations.

Related: Blackrock's Cohen Explains Why Financial Advisors Are Wary of Bitcoin ETFs

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results