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06/24 01:52

Bitcoin price confirms H&S pattern, will it crash

#World Cup Predictions: 100,000 USDT Daily #HTX Invites You to Share 600K USDT in Gift Packs #BTC Prophet: 20-Day 380 Million HTX Challenge Bitcoin price confirms H&S pattern, will it crash below $60K?Bitcoin price has confirmed a bearish head-and-shoulders breakdown, putting the $60,000 support zone under pressure as traders react to easing Middle East tensions and persistent institutional selling. According to data from crypto.news, Bitcoin ($BTC) price dropped from an intraday high near $64,500 to a low of $61,990 on June 23 before stabilizing around the $62,000 area. Bitcoin’s decline coincided with a sharp drop in oil prices after reports of progress in U.S.-Iran negotiations and a 60-day waiver allowing purchases of Iranian crude pushed Brent crude to its lowest level in nearly three months. At the same time, a selloff in artificial intelligence and semiconductor stocks weighed on risk sentiment across global markets, while gold fell roughly 1.5% and silver slid more than 5% as traders unwound defensive positions. Crypto derivatives markets amplified the selloff, with over $600 million in liquidations recorded in 24 hours, the bulk of which came from long positions. Meanwhile, institutional demand remains weak after U.S. spot Bitcoin ETFs entered one of their longest outflow streaks this year, removing a key source of demand that had previously helped cushion selling pressure in the spot market. Coinbase’s premium has also remained negative, suggesting U.S. investors have been selling rather than accumulating during recent sessions. Although diplomatic developments have eased fears of an immediate Middle East supply shock, uncertainty continues to linger over the durability of the emerging agreement. As recent reports revealed, Iran’s President has rejected negotiations over the country’s ballistic missile program, while Tehran and Washington continue to dispute claims regarding nuclear inspections.

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