BTC price risks $62K dip as Bitcoin sellers return to exchanges

    2024.06.18 | exchangesranking | 30onlookers

    Bitcoin extended losses into the June 17 Wall Street open as bulls failed to mount a comeback.

    BTC/USD 1-hour chart. Source: TradingView

    Bitcoin trader hopes for "red Monday, green week"

    Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) dropping to $65,066 on Bitstamp, nearly matching one-month lows from June 14.

    A modest uptrend over the weekend failed to sustain during the week’s first Asia trading session, with United States markets continuing the lackluster mood.

    Source: Josh Rager

    “This is where you'd wanna see Bitcoin form a higher low -- or it starts looking like $62,000 is on the menu,” popular trader Jelle warned in one of the day’s posts on X (formerly Twitter).

    “Red Monday, green week?”
    BTC/USD chart. Source: Jelle/X

    Traders held various support levels in mind, these extending down to $60,000, with multi-month lows on the radar should that level also fail to hold.

    $65,000 represented a major focus in terms of liquidity on the day after $66,000 disintegrated.

    “Big liquidity level at $65K and $66.3K. Keep in mind, there will always be levels on both sides and these don't always get tapped. These levels can act as a magnet when price trades close to it,” fellow trader Daan Crypto Trades commented alongside order book liquidity data from monitoring resource CoinGlass.

    BTC liquidation heatmap (screenshot). Source: CoinGlass

    Trader Crypto Tony meanwhile highlighted $67,300 as a level to flip to support for those considering going long BTC.

    An accompanying chart showed an inverse head and shoulders pattern — potentially cause for optimism should a local low have completed.

    BTC/USD chart. Source: Crypto Tony/X

    Exchanges see uptick in BTC inflows

    Gauging market reactions to the latest BTC price moves, on-chain analytics platform CryptoQuant noted an uptick in coins being sent to exchanges.

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

    Particularly in focus were coins that last moved between three and six months ago, as well as those dormant for up to a year.

    “40% of the sent Bitcoins are in the 3M-6M range, 20% are in the 6M-12M range, and the remaining portion is mixed,” contributor XBTManager wrote in one of CryptoQuant’s Quicktake market updates on June 16.

    “These sent Bitcoins will create selling pressure. This analysis covers the short term, indicating that after a certain rise, the selling pressure will increase, and it looks like we will enter free fall again.”

    Bitcoin Spent Output Age Bands data (screenshot). Source: CryptoQuant

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