Bitcoin (BTC) Approached Six-Week Low on June 21, As Warned

Bitcoin (BTC) neared a six-week low on June 21 as traders warned that buyers had yet to step in.

BTC/USD one hour chart. Source: Commercial View

BTC Price Analysis: Bulls Still Holding Back

Data from Cointelegraph Markets Pro and TradingView followed another day of problematic Bitcoin price action, with BTC/USD hitting $63,356 on Bitstamp.

The pair is down 3.7% week to date and 5.75% for the entire month of June, and the pair has struggled to find acceptance even at the $64,000 level. .

Analyzing the current market structure, popular trader Skew acknowledged that interest from some buyers was returning to all-time lows, but that sustained bidding would be needed to fuel a broader recovery.

“Potential LTF absorption happening here,” he wrote in his latest update on X (formerly Twitter).

“There’s a lot of short selling in terms of appearance and spot selling at prices around the lows. We need to see buyers take control to bounce back.

Bitcoin market data. Source: Deviation/X

Skew also lamented the “lack of real engagement in the market”, with prices being at the mercy of automated trading algorithms all week.

Source: gap

“It looks like price wants 60,000 again as 1D is currently losing 64.5,000. “H4 is showing bullish splits throughout the RSI/MACD, so it is subject to change,” fellow trader Roman wrote in a post. part of its own market coverage today.

Roman highlighted Bitcoin’s relative strength index (RSI) and moving average convergence/divergence indicators on four-hour time frames, which could create a starting point for a Bitcoin price recovery.

BTC/USD chart with RSI data. Source: Geely/X

“Bitcoin has failed to reclaim the range lows and continues to fall – while the RSI remains above 30,” added trader Gilley, calling this “interesting behavior.”

Bitcoin Finally Attacks Its Short-Term Holding Cost Basis

With its recent decline, Bitcoin has reached and crossed a major market uptrend line in the form of the Short-Term Holder Cost Basis (STHCB), also known as realized price.

RELATED: 6 months aside? Bitcoin Price Action Mimics a Lull in 2023

This amount was support that hasn’t really been challenged since the bear market ended in 2022, at $64,000, Cointelegraph reported.

The event was not lost on market observers, with commentator On-Chain College responding that “it’s time to fight against Bitcoin.”

“Good breakout above STHCB now at $64.2K and STHCB at $64K. Let’s see how he reacts to this level throughout the day,” he added in the ongoing X coverage.

The cost basis of a short-term Bitcoin holder. Source: Chain College/X

Meanwhile, Keith Allan, co-founder of Trading Resource Material Indicators, highlighted the 21-week simple moving average (SMA) at $63,074 as another point of interest.

In the latest video update shared with X, however, he warned that order book liquidity was “relatively low” in this area.

BTC/USD 1-week chart with 21SMA. Source: Commercial View

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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