## **Bitcoin Price Facing Challenges Amid Miner and Whale Sell-Offs**
The **Bitcoin price** has experienced **aggressive selling pressure** over the past week, resulting in a notable decline from **$71,947** to **$66,197**. The 8.3% pullback appears to be driven by multiple factors including pre-CPI data uncertainty, significant outflows from **BTC ETFs**, whale distributions, and **Bitcoin miners’ capitulation**. During this downturn, Bitcoin's price formed a **bearish reversal pattern**, *indicating a potential downtrend continuation*.
### **Bitcoin's Current Market Movement**
Despite its recent struggles, **Bitcoin** remains the *leading digital asset*, but it has been trading sideways for the past three months, pausing from its uptrend. This consolidation formed a **bullish flag**, an optimistic chart pattern typical in strong uptrends which stabilize the asset before continuing upward. However, on June 7th, a bearish reversal from the overhead trendline pushed Bitcoin to a new 4-week low of **$64,936** and its market cap dropped to **$1.28 trillion**.
### **Contributing Factors to Recent Decline**
The recent correction has been exacerbated by uncertainties surrounding U.S. **CPI** and **PPI data**. Sellers gained momentum as **BTC ETFs** witnessed substantial outflows. **Crypto trader Alicharts** noted that **Bitcoin miners** sold over **1,200 BTC**, valued at over **$79.20 million**, contributing significantly to the price drop. According to data from **CryptoQuant**, miner sell-offs surged starting June 10, 2024, correlating with Bitcoin’s price decline. This suggests miners are struggling with operational costs post-halving.
### **Significant Whale Activity**
Another considerable factor in the price decline is the activity of **Bitcoin whales**. Data from **Santiment** indicates that Bitcoin whales have liquidated over **50,000 BTC** in the past 10 days, amounting to roughly **$3.30 billion**. This large-scale sale has correlated with Bitcoin's price downturn during the same period.
### **Technical Analysis and Future Outlook**
On Friday, sellers breached the combined support of **$66,588** and the **50-day EMA slope**. If this breakdown holds, the **BTC price** could plunge to around **$57,000** by the end of June, seeking support from the lower trendline of the flag pattern. For buyers to regain control, a breakout above the flag pattern would be essential, potentially boosting Bitcoin’s price to **$90,000**.
#### **Technical Indicators**
- **RSI**: The daily Relative Strength Index slope falling below 50% indicates a *bearish near-term trend*.
- **EMAs**: The upswing in the daily **Exponential Moving Averages (100 and 200)** suggests that the broader trend for Bitcoin remains bullish despite near-term volatility.
*[For more in-depth analysis on Bitcoin and cryptocurrencies, stay tuned with Bloomberg's latest updates](https://bloomberg.com).*
