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Bitcoin (BTC) price slipped 2.4 percent in the past 24 hours to trade about $60.8k on Thursday, during the early European session. The flagship coin turned bearish in the midterm despite the Fed meeting minutes that signaled more rate cuts in the near term.
Moreover, the Fed noted that unemployment has remained at manageable levels as inflation gradually declined in the recent past.
The total crypto market cap slipped 3.2 percent in the past 24 hours to hover about $2.22 trillion at the time of this report. As a result, more than $161 million was liquidated from the crypto-leveraged market, mostly involving long traders.
Market FUD Pushes Whales Away
Amid heightened fear of further crypto capitulation in the near term, on-chain data analysis shows whales have been offloading their holdings. The US spot Bitcoin ETFs registered a net cash outflow of about $30 million on Wednesday, with only BlackRock’s IBIT registering a net cash inflow of around $13.88 million.
According to on-chain data analysis, whales have been offloading more Bitcoins in the recent past. In the last 24 hours, more than 3.2k BTCs were deposited in different crypto exchanges.
What Next for Bitcoin Price
After being rejected at the resistance level of around $65.6k in the past few weeks, Bitcoin price has returned in a macro-falling parallel channel, which began in March.
According to popular crypto analyst Michaël van de Poppe, Bitcoin price will likely drop below $60k in the near term and retest the support level around $57k. The bearish sentiment could persist if Bitcoin price consistently closes below $57k, whereby the next major target is around $52k.
However, if Bitcoin price consistently closes above the resistance level around $66k, a new rising trend will be established with a midterm target of about $52k.