In this video, we break down Bitcoin on the 4hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading near $59,200, down roughly 2% in 24 hours, after dipping to a 21-month low of $58,000 earlier this week. The broader crypto market faces a major sell-off, dropping over 18% since June, pressured by hawkish Federal Reserve inflation expectations and institutional outflows.
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Bitcoin Insights Today
-Macroeconomic Pressures: The Federal Reserve's preferred inflation gauge, the May Personal Consumption Expenditures (PCE) index, came in hot at 4.1%. This sticky inflation, coupled with a hawkish Fed stance, continues to suppress risk appetite across tech stocks and crypto.
-Massive Options Expiry: Roughly $10.6 billion in Bitcoin options expired today on Deribit. While the expiration cleared massive overhead leverage, the concentrated "put wall" at $60,000 kept heavy downward pressure on spot prices.
-Sustained Institutional Capital Outflow: US-listed spot Bitcoin ETFs recorded roughly $1.35 billion in net withdrawals this week alone, marking the seventh consecutive week of capital outflows.
-The "Strategy" Scrutiny: Shares of institutional giant Strategy (led by Michael Saylor) plummeted below $100 this week, suffering an 85% drawdown from its peak. Fresh legal and regulatory scrutiny, coupled with its preferred equity trading below par, has triggered "cascade crash" anxieties throughout the broader market
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