Will Bitcoin Whales Be Able to Halt Price Capitulation Below the Vital Support Level of $59k?

The cryptocurrency market cap experienced a decline of 3.4 percent as traders sought refuge in stablecoins to avoid forced liquidation ahead of the fourth Bitcoin halving. Bitcoin’s price has formed a bearish flag pattern on the lower time frame, indicating further capitulation may be on the horizon.

JPMorgan analysts predict that Bitcoin’s price will weaken after the halving event due to overbought conditions in BTC futures. Despite this, Bitcoin whales have been accumulating more coins in anticipation of the halving. Long-term holders are holding onto their assets, recognizing that acquiring Bitcoin will become more difficult over time.

On-chain data from CryptoQuant reveals that over 27,700 BTCs worth approximately $1.72 billion have flowed into accumulation addresses in recent days.

After reaching an all-time high of approximately $74k in March, Bitcoin’s price has erased most of its gains from last month. TradingView market data shows that BTC price has dropped by 24 percent since the beginning of April and is currently trading around $61,376 during the mid-London session.

Crypto analyst Jason Pizzino suggests that Bitcoin’s price must maintain support around $59k to avoid a significant decline to $56.2k. If the support level is broken, bears could push the price towards the support range of $50k to $53k.