In June, Bitcoin (BTC) has been in a continuous downtrend, struggling to stay above $62,000. As of now, it trades at $61,657 with a market cap of $1.2 trillion, down nearly 5% weekly. Despite this, market analyst Rekt Capital predicts a major breakout from this downtrend soon.
Rekt Capital’s analysis suggests Bitcoin is forming an early-stage Bull-Flag pattern. If this pattern holds, BTC might challenge the June downtrend and break out upwards. The current price retracement aligns with typical market cycle corrections, showing positive initial reactions at previous all-time high support levels.
Key levels to watch include the $60,700 mark, where significant liquidation could occur. With $6.6 billion worth of Bitcoin options expiring, traders are on high alert. Stability and a potential breakout could have long-term strategic importance for Bitcoin’s market behavior.
