Bitcoin (BTC) neared six-week lows on June 21 as traders warned that buyers had yet to step in.
BTC price analysis: Bulls remain on back foot
Data from Cointelegraph Markets Pro and TradingView tracked another day of problematic BTC price action as BTC/USD hit $63,356 on Bitstamp.
Down 3.7% week-to-date and 5.75% in June overall, the pair struggled to find acceptance even at the $64,000 mark.
Analyzing the current market structure, popular trader Skew acknowledged that some buyer interest was returning at the lows, but sustained bidding would be needed to fuel a broader recovery.
“Potential LTF absorption going on here,” he wrote in his latest update on X (formerly Twitter).
“A lot of shorting by looks of it & spot selling into price around the lows. Need to see buyers push for control to get a bounce.”
Skew also lamented a “lack of real market participation,” with price at the mercy of automated trading algorithms throughout the week.
“Looks like price wants 60k once again as 1D is currently losing 64.5k. H4 has bull divs all over RSI/MACD so subject to change,” fellow trader Roman wrote in part of his own market coverage on the day.
Roman referred to Bitcoin’s Relative Strength Index (RSI) and Moving Average Convergence/Divergence indicators on four-hour timeframes, potentially setting up a springboard for a BTC price rebound.
“Bitcoin failed to reclaim the range lows, and continues to bleed lower -- while the RSI stays above the 30 level,” trader Jelle added on the topic, calling it “interesting behavior.”
Bitcoin finally attacks its short-term holder cost basis
With its latest dive, Bitcoin reached and crossed a key bull market trendline in the form of the short-term holder cost basis (STHCB), also known as realized price.
Related: 6 months of sideways? Bitcoin price action mimics 2023 lull
At $64,000, this has acted as support already unchallenged since the end of the 2022 bear market, Cointelegraph reported.
The event was not lost on market observers, with commentator On-Chain College reacting that it was “time for Bitcoin to battle.”
“A nice breakout above the STHCB now, with price at $64.2k and the STHCB at $64k. Let's see how it interacts at this level throughout the day,” he added in ongoing X coverage.
Keith Alan, co-founder of trading resource Material Indicators, meanwhile flagged the 21-week simple moving average (SMA) at $63,074 as another point of interest.
In his latest video update shared to X, he nonetheless cautioned that order book liquidity was "relatively low" around that area.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
