Bitcoin (BTC) saw a new one-month low on June 18 as the level above $67,000 failed to hold.
Doubling the price of BTC generates a return of $64,000
Data from Cointelegraph Markets Pro and TradingView captured the volatile Bitcoin price conditions that returned during the previous day’s Wall Street trading session.
This led to a local high at $67,250, but the momentum quickly stalled as sellers took control, sending BTC/USD to $64,050 after hours.
This is the pair’s lowest level since May 15, and in response, market observers have had little good news to share.
“As we see here, the rebound was mainly driven by spot trading from Coinbase and some purchases from Bitfinex,” popular trader Skew explained in market coverage on X (formerly Twitter).
“Binance Spot continues to experience selling pressure. I think between $66,000 and $67,000 is the key area to gauge if there is continued absorption, otherwise lower prices will be accompanied by price hemorrhaging.
However, Scio considered the drastic drops in the trend seen in recent days to be “not common” behavior.
“The good sign here is the spot bonuses and very low funding,” he added, referring to current funding rates on the exchanges.
Meanwhile, data from monitoring resource CoinGlass showed volatile liquidity conditions on Bitcoin pairs after hitting recent lows.
“Financial rates are a little positive and showing an upward trend. “Buy the dip,” the platform told X subscribers today.
Wondering whether the price could fall further, another popular trader, Credible Crypto, identified what he called the “dream” zone for buying Bitcoin starting around $63,500.
However, the chances of this product being available for purchase are mixed.
“Yes, we can still technically go down to the ‘Long Dream’ area below, but like I said before, it wouldn’t surprise me to see this area up front,” part of the comment from X, who asks his subscribers to “watch”. Low timing controlled propulsion.
Short-term Bitcoin holders are close to breaking even
This area coincided with a major trendline of bull market support that is now on the radar of analysts, including Checkmate, the leading on-chain analyst at Glassnode.
Related: BTC Price of $66,000 Now “Critical” – 5 Things to Know About Bitcoin This Week
As Cointelegraph continues to report, the Short-Term Holder Realized Price (STH-RP), currently at $63,700, has traditionally fueled Bitcoin’s price action since the early bull market began of 2023.
For Checkmate, maintaining this level is what sentiment dictates.
“It’s hard for me to be so afraid of Bitcoin’s price action when unrealized losses look like this. “It could definitely get worse…but it hasn’t yet,” he wrote alongside an illustrative graph.
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.
