Bitcoin traded below $68,000 during the June 11 Asian trading session, with analysis warning of further losses in Bitcoin prices.
The weakness in BTC prices is offset by a “significant” lack of supply support.
Data from Cointelegraph Markets Pro and TradingView showed a 3% decline, which took Bitcoin (BTC) to a low of $67,320 on Bitstamp after the daily close.
Lacking support at the key $69,000 level, Bitcoin bulls failed to stave off a decline due to low liquidity in the exchange order book.
A day earlier, Keith Allan, co-founder of Trading Resource Material Indicators, warned that insufficient supply could be a warning sign of BTC price strength.
“We definitely have tiered support here, but we don’t focus on it much – and in fact it’s not even heavy at $60,000 if I can be completely honest,” he said. declared during his last update on YouTube.
The attached chart covers order book liquidity for BTC/USDT on the world’s largest cryptocurrency exchange, Binance.
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“Support at the 21-day EMA and R/S Flip at $69,000 has been canceled.”
“This stage is not yet complete. In fact, I expect these killer whale games to continue through JPow’s comments on Wednesday and economic reports on Thursday.
As Cointelegraph reported, the main catalyst for potential price volatility in Bitcoin and cryptocurrencies this week is US macroeconomic data – the Consumer Price Index (CPI) and Consumer Price Index. output (PPI) – as well as the Federal Reserve’s recent interest rate decision and the accompanying press. conference for him. By President Jerome Powell.
“So far, CPI/PPI has been hovering around the highs of this range, which has led to localized declines from the FOMC,” popular trader Skew continued on the topic.
“The next few days are interesting.”
Conflicting Opinions on Bitcoin Support
Meanwhile, in his market analysis, fellow trader and commentator Credible Crypto noted that the outcome of a bearish move might not be as drastic as a trip to $60,000.
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With liquidity added and withdrawn from the market at will by high-volume traders, the appetite for Bitcoin could save the bulls below $65,000.
“We continue to see immediate absorption of each downward movement, even on shorter time frames,” he summarized for Subscribers X.
Credible Crypto noted that general resistance at $72,000 was “immediately removed” once Bitcoin began to reverse.
“What are the chances that we advance through the range to the lows and 62-65K and then move back from there? “I think they look good together,” he concluded.
“There are of course no guarantees, but we will know soon enough the evolution of the AP in the next 24 hours.”
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.
