The S&P 500 Index (SPX) has been trading near its all-time high, but Bitcoin has gradually given up ground in the past few days. This suggests that supply exceeds demand in Bitcoin. According to Farside Investors data, spot Bitcoin exchange-traded funds have seen outflows for four of the five days since June 10.

However, analysts point out that long-term investors have not panicked and continue buying. Market intelligence firm Santiment shows that the number of wallets with 10 BTC or more has hit 16.6 million, the highest level since June 2022. Although Bitcoin looks weak in the near term, it remains stuck inside a range and is likely to witness buying at the support. The longer the time spent in a range, the greater the force needed for the price to break out from it.

Bitcoin failed to start a bounce off the 50-day SMA $66,189, suggesting that the bears have maintained their selling pressure.

The critical support to watch now is $64,602. If this level cracks, the BTC/USDT pair is likely to descend to $60,000. This level may act as strong support, but if the bears prevail, the pair might tumble to $56,552. Time is running out for the Bitcoin bulls. If they want to make a comeback, they will have to quickly push the price above the 20-day EMA $67,612. If they do that, the pair is likely to move up to $70,000 and subsequently to $72,000.

Lastly please check out the advancement’s happening in the cryptocurrency world

Enjoy the issue!