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Bitcoin (BTC) is nearing breaking the downtrend pressing its price down over June, according to the trader identified as Rekt Capital. Moreover, in a video published today, he shared that the current price level might be the last buying bargain before a parabolic upward movement.

Usually, the retraces reach 22% on average, indicating a local bottom. In an X post, Rekt Capital pointed out that the current pullback is very, very close to the 22% average.

Notably, this means that a bottom is practically formed, and it is a position from where Bitcoin could rise. Rekt Capital then adds that BTC is close to breaking its June downtrend, which is putting pressure on its price for the whole month.

Lets see if this current price action on the Daily continues to form this small, early-stage Bull Flag (orange). If this indeed turns into a Bull Flag, Bitcoin should be able to challenge the June Downtrend (light blue), explained the trader.

#BTC

Let's see if this current price action on the Daily continues to form this small, early-stage Bull Flag (orange)

If this indeed turns into a Bull Flag, Bitcoin should be able to challenge the June Downtrend (light blue)$BTC #Crypto #Bitcoin https://t.co/bSkRN2loqg pic.twitter.com/SWLQO1osdg

— Rekt Capital (@rektcapital) June 27, 2024

Nevertheless, the trader confirms in his video that a breakout for a parabolic upward movement is still set to happen in September. Therefore, even if Bitcoin breaks its current downtrend, the price leap would be just temporary.

Additionally, current support near the $61,000 price level should be maintained to confirm that this is, indeed, the last bargain opportunity to buy Bitcoin.

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Bitcoin poised to break current downtrend, says analyst - Crypto Briefing

Bitcoin is testing a key level once again after the cryptocurrency fell below $60,000 this week for the first time since May 3. As of Tuesday afternoon, it was trading above $61,000, roughly 17% below its March record of $73,797.68, according to Coin Metrics. Chart analysts see no buy signals, however, and say it could take another leg down, which would be more "damaging" at current levels. "Moderation since March continues and trading can be considered under pressure below $66,000 resistance," the cryptocurrency's 50-day moving average, said Oppenheimer analyst Ari Wald. "There's key support at $57,500, the 200-day average, down to $56,500, the May low and a downside breach would be damaging." Bitcoin has been largely stuck in a narrow range between $60,000 and $70,000 since the middle of March, when it reached its all-time high. It is currently suffering from a lack of near-term catalysts, low demand for bitcoin exchange-traded funds and miners' selling of bitcoin. BTC.CM= 6M mountain Bitcoin this year If bitcoin fails to hold $57,000, Wald added, $49,000 would become its next key downside level. For David Keller, chief market strategist at StockCharts.com, bitcoin's next levels down are similarly around $58,000, with potential downside to between $50,000 and $52,000. Keller noted that buyers often come in around $60,000. Additionally, he said, it is reasonable to expect the bitcoin price to bounce higher yet again as the cryptocurrency often finds support at big, round numbers. Tom Fitzpatrick of R.J. O'Brien identified major bitcoin support at $56,527 and a potential double top neckline, a bearish M-shaped chart formation made up of two peaks on either side of a moderate decline. "Below there would signal at least another 22% fall and a possibility of as much as 29%," he said in a note to investors. Wald emphasized the strength of the current $57,500 support level and 200-day moving average, however. "The double-top [is] not completed until the neckline is breached," he said. Until then, "I always side with trend, meaning I'd assume the rising 200-day average holds.Bullish action in the NASDAQ-100 suggests risk tolerance remains positive, too." For the month, bitcoin is down nearly 10%. At the start of June, it briefly touched the $71,000 level but has been on a steady decline since.

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Here's what's next for bitcoin after the cryptocurrency returned to $60000 this week - CNBC

Even with gains through midday Tuesday of better than 4%, to nearly $222, shares in the cryptocurrency exchange Coinbase are down about 13% since June 12, when they closed around $255. Over that same span, Bitcoin prices have dropped about 9% to approximately $62,000.

The equally weighted S&P 500the version of the index that makes no distinction between the market cap of companieshas grown a modest 0.27% this month, but nonetheless it highlights how the exchange is underperforming compared with the wider market.

Yet its also important to note that Coinbase is still in the midst of a major comeback. The crypto market has rallied massively since the end of last year, and Coinbase, the worlds second-largest exchange, has enjoyed something of a renaissance thanks to soaring transaction revenue. Despite the recent dip in share price, Coinbase stock has skyrocketed year to date alongside Bitcoinits up better than 40%, with the original cryptocurrency making similar gains.

When Coinbase stock slumps its often a reflection of digital assets writ large given how much of the companys revenue comes from trading fees. In the first quarter of the year, transactions made up 67% of revenue. On Monday, trading volume was $788.3 million, whereas on March 4 it was almost $3.2 billion.

Volume has pulled back quite a bit, and the price has come back from the peak in the first quarter somewhat. So [Coinbase] is going to get lower profitability in the second quarter, Paul Gulberg, a senior equity analyst atBloombergIntelligence, told Fortune.

Over the past 30 days, Bitcoin, Ether, and Solana are down about 11%, 9%, and 18%, respectively, and each has failed to gain momentum since mid-March. A key reason is the lagging performance of the 11 spot Bitcoin exchange-traded funds, which the SEC approved in January. Since then, the price of the underlying asset, Bitcoin, has ebbed and flowed with large sums moving in and out of these products. The latest string of net outflows from the ETFs began on June 10, and theyve continued every day, except for one, totaling around $1.3 billion, according to CoinGlass data. Its the longest stretch of outflows since the products debuted.

Not only do the outflows affect Coinbase because of their ties to Bitcoin, the company is the custodian for eight of the 11 ETFs, for which it receives a 0.2% fee. Outflows mean theyre holding less Bitcoin, ergo generating less revenue.

Additionally, Coinbase holds over $207 million worth of Bitcoin, making it the public company with the sixth-largest exposure. Shares of MicroStrategy, the company that holds the most Bitcoin, are down about 8% since June 12.

However, Gulberg thinks that the bigger factor in Coinbases recent stock drop is sentiment, with so many of the firms shares held by retail traders: When you get a lot of noise and activity in the digital asset space, people rush into Bitcoin and Coinbase. And vice versa: When the sentiment dies and slows down, people rush out of Coinbase.

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Coinbase down 9% this month, aligned with Bitcoin's tumble - Fortune

A German Government (BKA) labeled cryptocurrency wallet has sold over $54 million worth of Bitcoin.

The German governments wallet sold 900 Bitcoin (BTC) in three individual transactions on June 25.

The first 200 BTC transaction was sent to the Coinbase exchange, while the second 200 BTC transfer was sent to the Kraken exchange.

However, a third transaction, worth 500 BTC, or over $30 million, was sent to wallet 139Po, which remains unknown, according to onchain intelligence provider Arkham Intelligence.

While wallet 139Po remains unknown, it is not the first time the German government has interacted with it. The German government previously sent 800 BTC to the address on June 20 and another 500 BTC on June 19, just six days ago.

Following todays transfers, the wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.

Related: Over $122M Bitcoin longs liquidated as BTC falls below $61K

The government-labeled wallet holds over $2.8 billion worth of BTC and could introduce significant selling pressure that could tank Bitcoins price below the key $60,000 psychological mark.

Bitcoin price has been in a downtrend, falling 11% on the monthly chart and over 7% on the weekly, trading just above $61,000 as of 9:40 am UTC, according to Bitstamp data.

According to popular analyst Willy Woo, technical chart patterns suggest that Bitcoin might experience a correction lasting up to four weeks before its price rally resumes.

The analyst wrote in a June 22 X post to his over 1.1 million followers:

Related: Ether restakings biggest risk is lack of understanding around asset looping Haven1

The German government-labeled wallet first sparked suspicions of potential Bitcoin selling on June 19, when it executed a 6,500 BTC transfer worth over $425 million.

Besides the transfer to the untagged wallets, the majority of the Bitcoin is transferred to centralized exchanges,which signals that the government is potentially looking to sell Bitcoin.

Prior to the transfer, the wallet held nearly 50,000 BTC since February 2024. The funds are believed to have been seized from the pirated movie website operator Movie2k.

However, July could introduce more Bitcoin selling pressure since collapsed cryptocurrency exchange Mt. Gox announced that would start repaying its defunct users.

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over 10 years to recover their funds. This could introduce significant selling pressure for Bitcoin.

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German gov't offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken - Cointelegraph

Mt. Goxs scheduled repayments of $8.5 billion worth of Bitcoin to creditors in July may not cause as much mayhem for the price of Bitcoin as many expect, say analysts.

IG Markets analyst Tony Sycamore told Cointelegraph there were simply too many historical factors to make a concrete prediction about the impact of the upcoming repayments, but estimated around half of the total Bitcoin (BTC) worth roughly $4.5 billion could be set to hit the market in July.

Mt. Gox was a Japanese cryptocurrency exchange that collapsed after being hacked in February 2014. The exchange lost around 940,000 BTC, which was worth just $64 million at the time.

Mt. Gox recovered 141,687 BTC to return to its creditors, which is worth $8.5 billion at the time of publication. This sum will start to be paid out to creditors at the beginning of July.

Despite the potential upcoming flood of Bitcoin onto the market, Sycamore said he believes that much of the supposed Mt. Gox sell pressure is already priced into the current market conditions.

The repayments have been coming for a long time, he said.

The repayments are happening against the backdrop of deteriorating market sentiment, technical selling, and outflows from the Bitcoin ETFs, said Sycamore, adding that much of the speculative hot money in crypto had left to chase greener pastures in mega-stocks like Nvidia and Apple in the equities market.

Speaking to Bitcoins price action more broadly, Sycamore said hes not convinced that the current sell-off can plunge too much deeper. He pointed to strong support on the 200-day moving average as a reason for optimism in the coming weeks.

I think weve just had a flush. The cause of the flush is all of these effects culminating in the expectations of Mt. Gox selling, he said, adding:

In a June 25 poston X, Galaxy Digitals head of research, Alex Thorn, estimated that only 65,000 of the 141,000 total Bitcoin stands to actually hit the market, significantly reducing much of the expected selling activity.

Related: 4-week correction for Bitcoin? Mt. Gox, Germany gov't add sell-pressure

Thorn predicted that roughly 75% of creditors have opted to receive an early payout, sacrificing 10% of their repayment in the process and resulting in an approximate 95,000 BTC hitting the market initially.

He added that 20,000 BTC is owed to claims funds, and roughly 10,000 BTC is owed to Bitcoinica BK, leaving just 65,000 to regular creditors.

Additionally, Thorn explained several reasons for believing that individual Mt. Gox creditors would be more diamond-handed than the market expects.

He noted that most of the creditors were skewed toward being long-term Bitcoiners who are more likely to hold their Bitcoin and stressed that many individual creditors resisted years of compelling and aggressive offers from claims offering payouts in United States dollars, suggesting they wanted their Bitcoin back, not fiat currency.

He also pointed to the impact of capital gains tax on sellers, saying that while original creditors receive only a 15% in-kind recovery, many claim holders have notched a 140 times gain since the bankruptcy proceedings recovered their Bitcoin.

Thorn said the potential selling pressure on Bitcoin Cash (BCH) would likely be far worse since many investors never actually bought BCH outright, only receiving it due to the hard fork of Bitcoin that occurred in 2017.

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Mt. Gox repayments won't be as bad for Bitcoin as you think - Cointelegraph