The cryptocurrency market is witnessing a peculiar trend, where Bitcoin's price continues to struggle despite the US stock market's rally. The world's largest cryptocurrency has corrected 10% from its June high, slipping under the crucial $65,000 support level. This underperformance is attributed to various factors, including profit-taking by Bitcoin holders and selling pressure from miners and institutional investors.

Data reveals that an impressive 87% of Bitcoin holders are still in profit, indicating potential for further profit-taking. This is a result of the crypto market's remarkable growth between Q4 2023 and Q1 2024. However, the excitement around the Ethereum ETF approval has cooled down, leading to a downward trend in the crypto market. Bitcoin miners have sold over 30,000 BTC worth $2 billion in June alone, adding to the selling pressure.

Strong Bitcoin ETF outflows and sales from the German government's BTC holdings have further contributed to the downward pressure. The German government still holds 47,000 BTCs worth $3 billion, sparking concerns about potential future sales. Market analysts predict that the Bitcoin price consolidation will continue until the end of summer 2024, with the next bull run expected around September, coinciding with the US elections.

The upcoming release of the PCE price index for May will be a crucial indicator of market trends. A decline in the core CPI for May suggests potential downside risks for the core PCE index. Weak retail sales may also impact spending, although personal income is expected to improve, driven by stronger-than-expected average hourly earnings.

In conclusion, Bitcoin's price is likely to continue underperforming the US stock market in the coming weeks due to profit-taking and selling pressure from various sources. While the crypto market experiences a downturn, analysts predict a bull run around September, fueled by the US elections. As the market evolves, it's essential to keep a close eye on these developments and their potential impact on the cryptocurrency landscape.