Cryptocurrencies

Bitcoin continued its losses until Wall Street opened on June 17, where it failed

Bitcoin extended its losses until Wall Street opened on June 17 as the bulls failed to return.

BTC/USD one hour chart. Source: Commercial View

Bitcoin Trader Hopes for a “Red Monday and Green Week”

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) fell to $65,066 on Bitstamp, roughly equivalent to the one-month low since June 14.

The weekend’s modest uptrend did not continue into the first Asian trading session of the week, with U.S. markets remaining subdued.

Source: Josh Rager

“This is where you want to see Bitcoin hit a lower level – or $62,000 seems to be on the list,” popular trader Jelle warned in a post today on X (formerly Twitter).

“Red Monday, green week? »

Bitcoin/USD chart. Source: Geely/X

Traders considered various support levels, up to $60,000, with multi-month lows on the radar if this level also fails to hold.

$65,000 represents a major issue in terms of liquidity following the break at $66,000.

“Excellent liquidity level at $65,000 and $66.3,000. Remember that there will always be levels on both sides and they will not always be exploited. These levels can act like magnets when prices trade near them,” commented another trader Daan Crypto Trades alongside order book liquidity data from monitoring resource CoinGlass.

BTC liquidation heatmap (screenshot). Source: Coinglass

Meanwhile, crypto trader Tony highlighted $67,300 as a level that could be reversed to support those considering buying Bitcoin.

The attached chart shows an inverted head-and-shoulders pattern – which could provide cause for optimism if a local bottom is realized.

Bitcoin/USD chart. Source: TonyCrypto/X

Exchanges see increased BTC inflows

By measuring market reactions to the latest Bitcoin price movements, on-chain analytics platform Cryptoquant noticed an increase in the number of coins sent to exchanges.

Related: BTC Price of $66,000 Now “Critical” – 5 Things to Know About Bitcoin This Week

Particular emphasis was placed on rooms that were last moved three to six months ago, as well as those that have been idle for up to a year.

“40% of the bitcoins sent are between 3 and 6 million, 20% between 6 and 12 million and the rest are mixed,” wrote contributor XBTManager in one of CryptoQuant’s Quicktake market updates on June 16.

“These bitcoins sent will create selling pressure. This analysis focuses on the short term, indicating that after a certain rise, the selling pressure will increase and it seems that we will enter a free fall again.

Bitcoin exit age range data (screenshot). Source: Cryptoquant

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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