{"id":625636,"date":"2024-06-20T21:00:00","date_gmt":"2024-06-20T21:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=625636"},"modified":"2024-06-20T16:33:20","modified_gmt":"2024-06-20T16:33:20","slug":"bitcoin-consolidation-continue-hedge-funds-throw-in-towel","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-consolidation-continue-hedge-funds-throw-in-towel\/","title":{"rendered":"Bitcoin Analyst Claims BTC Consolidation Will Continue, Hedge Funds Throw In The Towel"},"content":{"rendered":"

Bitcoin is trending lower at spot rates, sliding away from all-time highs. Looking at the performance in the daily chart, it looks like bears are stepping up, following the general inactivity in an overwhelmingly bearish trend. When writing, the coin is down 10% from March 2024 highs but steady.<\/span><\/p>\n

Will Bitcoin Consolidate For Two More Months?<\/span><\/h2>\n

Taking to X, one analyst <\/span>argued<\/span><\/a> that the current state of affairs will likely continue in the days ahead. While most experts predicted Bitcoin prices to rebound sharply, even breaching all-time highs and race to $100,000 after the all-important Halving event on April 20, bears have had the upper hand.<\/span><\/p>\n

\"BTC
BTC prices likely to consolidate | Source: @QuintenFrancois via X<\/figcaption><\/figure>\n

So far, the coin is stuck in a broad horizontal range with caps at around $74,000 on the upper end and $56,500, registered in May. Technically, the uptrend remains from a top-down preview following the welcomed push higher in Q1 2024. <\/span><\/p>\n

Related Reading: Double-Whammy For Ethereum: Price Collapses, Exchange Supply Dries Up<\/a><\/div>\n

However, even as traders expect more gains in the days ahead, the analyst said prices will likely stagnate in the next few trading weeks. <\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

When the network halved network rewards in 2020, the analyst notes that the coin moved sideways for 150 days, with prices capped between $9,000 and $11,000. Currently, the sideways consolidation, the analyst added, has been for 90 days, nearly halfway through the last cycle.<\/span><\/p>\n

If this guides, prices could continue moving sideways for the next two months, even dumping below the <\/span>key<\/span> support levels. <\/span><\/p>\n

Thus far, Bitcoin bear bars are banding along the lower BB, pointing to intense selling momentum. At the same time, the divergence between the middle and lower BB points to rising volatility, swinging in favor of sellers.<\/span><\/p>\n

Crypto Hedge Funds Reducing BTC Exposure As Whales Sell Via OTC<\/span><\/h2>\n

Currently, macroeconomic factors and on-chain data paint a cause for concern. One analyst <\/span>observed<\/span><\/a> that more crypto hedge funds have reduced their BTC exposure, indicating a loss of confidence. <\/span><\/p>\n

Over the past 20 trading days, the analyst claims that crypto hedge funds have slashed their Bitcoin market exposure to 0.37, the lowest level since October 2020.<\/span><\/p>\n

Related Reading: Ethereum At A Crossroads: Big Move Coming After Consolidation Phase?<\/a><\/div>\n

While crypto hedge funds reduce exposure, another analyst <\/span>said<\/span><\/a> inflow to over-the-counter (OTC) desks has risen since Halving. <\/span><\/p>\n

\"BTC
BTC inflow to OTC desks rising | Source: @jvs_btc via X<\/figcaption><\/figure>\n

This suggests that miners or big institutions are offloading BTC away from exchanges<\/a>. On-chain data shows that OTC balances rose by 62,000 BTC, one of the largest 30-day recorded changes since 2017.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is trending lower at spot rates, sliding away from all-time highs. Looking at the performance in the daily chart, it looks like bears are stepping up, following the general inactivity in an overwhelmingly bearish trend. When writing, the coin is down 10% from March 2024 highs but steady. Will Bitcoin Consolidate For Two More Months? Taking to X, one analyst argued that the current state of affairs will likely continue in the days ahead. While most experts predicted Bitcoin prices to rebound sharply, even breaching all-time highs and race to $100,000 after the all-important Halving event on April 20, bears have had the upper hand. So far, the coin is stuck in a broad horizontal range with caps at around $74,000 on the upper end and $56,500, registered in May. Technically, the uptrend remains from a top-down preview following the welcomed push higher in Q1 2024. Related Reading: Double-Whammy For Ethereum: Price Collapses, Exchange Supply Dries Up However, even as traders expect more gains in the days ahead, the analyst said prices will likely stagnate in the next few trading weeks. When the network halved network rewards in 2020, the analyst notes that the coin moved sideways for 150 days, with prices capped between $9,000 and $11,000. Currently, the sideways consolidation, the analyst added, has been for 90 days, nearly halfway through the last cycle. If this guides, prices could continue moving sideways for the next two months, even dumping below the key support levels. Thus far, Bitcoin bear bars are banding along the lower BB, pointing to intense selling momentum. At the same time, the divergence between the middle and lower BB points to rising volatility, swinging in favor of sellers. Crypto Hedge Funds Reducing BTC Exposure As Whales Sell Via OTC Currently, macroeconomic factors and on-chain data paint a cause for concern. One analyst observed that more crypto hedge funds have reduced their BTC exposure, indicating a loss of confidence. Over the past 20 trading days, the analyst claims that crypto hedge funds have slashed their Bitcoin market exposure to 0.37, the lowest level since October 2020. Related Reading: Ethereum At A Crossroads: Big Move Coming After Consolidation Phase? While crypto hedge funds reduce exposure, another analyst said inflow to over-the-counter (OTC) desks has risen since Halving. This suggests that miners or big institutions are offloading BTC away from exchanges. On-chain data shows that OTC balances rose by 62,000 BTC, one of the largest 30-day recorded changes since 2017. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":624597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,8856,679,1119,1122,78790],"class_list":["post-625636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Analyst Claims BTC Consolidation Will Continue, Hedge Funds Throw In The Towel<\/title>\n<meta name=\"description\" content=\"Bitcoin is under pressure and will likely to continue consolidating post-Halving. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Analyst Claims BTC Consolidation Will Continue, Hedge Funds Throw In The Towel","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-consolidation-continue-hedge-funds-throw-in-towel\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-consolidation-continue-hedge-funds-throw-in-towel\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-12.15.32-A-dramatic-image-of-a-Bitcoin-coin-in-the-center-reflecting-light-as-if-it-were-made-of-polished-gold.-The-background-is-a-dynamic-blur-of-digital-bi.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-12.15.32-A-dramatic-image-of-a-Bitcoin-coin-in-the-center-reflecting-light-as-if-it-were-made-of-polished-gold.-The-background-is-a-dynamic-blur-of-digital-bi.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin price","btc","btc price","btcusdt"],"dateCreated":"2024-06-20T21:00:00Z","datePublished":"2024-06-20T21:00:00Z","dateModified":"2024-06-20T21:00:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Analyst Claims BTC Consolidation Will Continue, Hedge Funds Throw In The Towel\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-consolidation-continue-hedge-funds-throw-in-towel\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-consolidation-continue-hedge-funds-throw-in-towel\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-14-12.15.32-A-dramatic-image-of-a-Bitcoin-coin-in-the-center-reflecting-light-as-if-it-were-made-of-polished-gold.-The-background-is-a-dynamic-blur-of-digital-bi.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-14-12.15.32-A-dramatic-image-of-a-Bitcoin-coin-in-the-center-reflecting-light-as-if-it-were-made-of-polished-gold.-The-background-is-a-dynamic-blur-of-digital-bi.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusdt\"],\"dateCreated\":\"2024-06-20T21:00:00Z\",\"datePublished\":\"2024-06-20T21:00:00Z\",\"dateModified\":\"2024-06-20T21:00:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-12.15.32-A-dramatic-image-of-a-Bitcoin-coin-in-the-center-reflecting-light-as-if-it-were-made-of-polished-gold.-The-background-is-a-dynamic-blur-of-digital-bi.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/625636"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=625636"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/625636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/624597"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=625636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=625636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=625636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}