The cryptocurrency industry, led by Bitcoin (BTC), has registered heightened selling pressure in the past few weeks. Although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.
The German government has been selling more Bitcoin’s in the past few days adding to the existing bearish sentiment. Although some analysts believe otherwise, the $9 billion Mt.Gox distribution will weigh heavily on buyers.
Additionally, the US spot Bitcoin ETFs have recorded notable cash outflows in the past few weeks.
According to on-chain data, around 103k Bitcoins, worth over $6.3 billion, have been added to the OTC markets in the past six weeks.
Bitcoin price has continued to range between $72k and $60k in the past four months, amid the heightened on-chain activity. From a technical standpoint, Bitcoin price against the US dollar could be forming a double top coupled with bearish divergence on the weekly Relative Strength Index (RSI).
Bitcoin’s weekly bearish pattern will be confirmed if the flagship coin consistently closes below $60k in the coming days.
However, if Bitcoin price follows its historical pattern, most analysts believe the instrument has already established a local bottom and is well positioned for a market rebound in July. Furthermore, Bitcoin price has rebounded with double digits in July for the past five years after a choppy June.
The upcoming listing of spot Ethereum ETFs in the United States is expected to trigger bullish sentiment across the industry. Moreover, the crypto liquidity will surge significantly following the listing of spot Ether ETFs as more institutional investors tap into the industry.
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