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On June 18 (local time), the price of Bitcoin (BTC) fell to $64,066.96 based on CoinMarketCap. This is the lowest figure in a month and comes amid a slowdown in the U.S. economy, particularly declines in retail sales and employment.
In addition, a series of hawkish (favoring monetary tightening) remarks by members of the U.S. Federal Reserve System (Fed) are having a negative impact on Bitcoin. The outflow of funds from the U.S. spot Bitcoin exchange-traded fund (ETF) is also a cause for concern.
However, Bitcoin whales and miners are maintaining a cautiously optimistic outlook and are strengthening their bullish stance on the $64,300 support line, Cointelegraph diagnosed.
According to the media, the resilience of the derivatives market suggests the possibility of a rebound in the price of Bitcoin. In fact, the long-short ratio of top traders on Binance and OKX increased from 1.32 to 1.52 and 1.65 to 1.78, respectively, indicating strong demand for leveraged long positions despite the price of Bitcoin falling below $67,000.
Additionally, Bitcoin options data shows that demand for put options has decreased and call options have been favored since June 14, showing that whales and market makers were not expecting the price to fall.
The fact that Bitcoin miners are reducing selling pressure is also behind the bullish theory. In this regard, Glassnode's Bitcoin Miner Outflow Multiple indicator has remained below 0.8 since June 14, indicating that miners have reduced sales.
This trend, along with the bullish attitude of Bitcoin derivatives traders, suggests that there is no reason to expect additional downward pressure on Bitcoin prices, given that the Federal Reserve is likely to cut interest rates by the end of the year in the current macroeconomic environment. Cointelegraph reported.
According to CoinMarketCap on the 19th (Korean time), the price per Bitcoin is $64,869 as of 9:30 am on this day.
