In this video, we break down Bitcoin on the 1hr 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) trades at approximately $61,500, experiencing rejection at a key $64,000 resistance level after hit a two-week high of $63,900 overnight. Prices have stabilized around the $61,600 to $62,900 range following a strong weekend relief rally from a 21-month low of $57,735 hit on July 1.
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Bitcoin Insights Today
-Institutional Exit: Spot Bitcoin ETFs experienced $526.26 million in weekly outflows through last Friday, marking their eighth consecutive week of net redemptions.
-Corporate Selling Pressures: MicroStrategy publicly disclosed a massive $216 million sale of its holdings, offloading bitcoin at an average price of roughly $60,000, fueling local sell-side pressure.
-Citigroup Downgrade: Citigroup trimmed its 12-month Bitcoin target from $112,000 down to $82,000, predicting net ETF spot inflows will flatten to zero due to structural demand shifts.
-Regulatory Shocks: In Europe, the strict enforcement of Markets in Crypto-Assets (MiCA) rules as of July 1 has forced global entities like Binance to restrict localized services, pinching broader market liquidity.
-AI Capital Rotation: Liquid capital continues to leave digital asset platforms to seek higher yields in booming artificial intelligence equities.
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