In this video I break down the latest Bitcoin price structure using Elliott Wave analysis to determine if we are near a bear market low. I share the key support and resistance levels to watch as we head into the new trading week and explain why the current consolidation might be part of a larger corrective pattern. video by More Crypto Online.
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Bitcoin (BTC) is trading between $63,340 and $63,550 (approx. €55,314), consolidating near local lows after falling below the $63,000 threshold earlier in the week. The broader cryptocurrency market remains under pressure as an institutional exodus and macroeconomic factors continue to squeeze both investors and network participants.
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Bitcoin Insights Today
-Miner Capitulation Crisis: A JPMorgan report notes that Bitcoin has spent five consecutive months trading below its average estimated production cost of $78,000. Roughly 20% of miners are now unprofitable, forcing publicly traded entities to dump over 32,000 BTC in Q1 alone to cover overhead. For instance, Bitdeer reported mining 218.1 BTC this week but immediately selling 100% of its yield.
-Bearish Derivatives Build-Up: Traders are aggressively loading up on out-of-the-money put options on Deribit, targeting a deeper correction toward $52,000. Ahead of the massive $10.6 billion options expiry on June 26, nearly 80% of open positions remain out-of-the-money due to June's steady downtrend.
-Record Network Activity: Counterintuitively, Bitcoin's on-chain transaction volume hit an all-time high for 2026, surpassing 800,000 transactions per day. According to CryptoQuant, this is heavily driven by micro-transfers (under 0.01 BTC) and OP_RETURN protocols clogging the mempool.
-ETF Institutional Exodus: Spot Bitcoin ETFs have logged over $1.75 billion in net outflows since mid-May. High interest rates and a hawkish Federal Reserve are successfully rotating Wall Street capital out of digital assets and back into high-profile AI equities and traditional IPOs.
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