‘Buy the dip?’ Bitcoin price drops to new 1-month lows of $64K

    2024.06.18 | exchangesranking | 39onlookers

    Bitcoin saw new one-month lows on June 18 as a push past $67,000 failed to sustain.

    BTC/USD 1-hour chart. Source: TradingView

    BTC price weakness sees $64,000 return

    Data from Cointelegraph Markets Pro and TradingView captured volatile BTC price conditions returning during the prior day’s Wall Street trading session.

    This produced a trip to local highs of $67,250, but momentum soon stalled as sellers took control to send Bitcoin (BTC) to $64,050 hours later.

    This marked the pair’s lowest level since May 15, and reacting, market observers had little by way of good news to share.

    “As we can see here the bounce was led by coinbase spot primarily and some buying from bitfinex,” popular trader Skew explained in market coverage on X.

    “Spot Binance spot still seeing sell pressure. I think $66K - $67K key area to gauge if there's ongoing absorption else lower prices will come with price bleeding.”
    BTC/USDT order book changes on Binance. Source: Skew

    Skew nonetheless reasoned that sweeping lows in the style seen in recent days was “not uncommon” behavior.

    “Good sign here is spot premiums & pretty low funding,” he added, referring to current funding rates across exchanges.

    Data from monitoring resource CoinGlass meanwhile showed fluctuating liquidity conditions on BTC pairs after the latest lows hit.

    BTC liquidation heatmap (screenshot). Source: CoinGlass

    “Funding rates are slightly positive, showing bullish. Buy the dip,” the platform told X subscribers on the day.

    Eyeing whether the price could go lower still, fellow popular trader Credible Crypto delineated what he called a “dream” zone for going long BTC beginning at around $63,500.

    The chances of this becoming available to buy, however, were mixed.

    “Yes, we can still technically go lower into the ‘dream long’ zone below, but as I’ve previously said it would not surprise me to see that zone front run,” part of X commentary read, telling followers to “watch for a low timeframe impulse” move.

    BTC/USD chart. Source: Credible Crypto

    Bitcoin short-term holders near breakeven point

    That area coincided with a key bull market support trendline now on the radar for analysts, including Checkmate, lead on-chain analyst at Glassnode.

    Related: $66K BTC price now ‘critical’ — 5 things to know in Bitcoin this week

    As Cointelegraph continues to report, the short-term holder realized price (STH-RP), currently at $63,700, has traditionally buoyed BTC price action ever since the bull market began at the start of 2023.

    For Checkmate, price preserving that level dictated sentiment.

    “It is hard for me to be too scared of Bitcoin price action when unrealised losses look like this. It could deteriorate for sure...but it hasn’t yet,” he wrote alongside an explanatory chart.

    Bitcoin relative unrealized profit/loss. Source: Checkmate

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