Bitcoin (BTC) returned to the $67,500 level on June 12 after a rout among cryptocurrencies triggered massive exchange withdrawals.
Traders not surprised by weak BTC price action
Data from Cointelegraph Markets Pro and TradingView shows BTC prices stabilizing as markets brace for US macroeconomic events.
Bitcoin fell to $66,000 in consecutive days the previous day, which led to long-term liquidations totaling more than $50 million, per data from monitoring resource CoinGlass.
This event was consistent with a pattern previously seen before the Federal Reserve meets on interest rates, the latest to be released that day with the May Consumer Price Index (CPI) release.
In response, many traders recognized typical BTC price behavior combined with the fact that BTC/USD is at key resistance below its all-time high.
“The same account in CT starts asking for higher amounts. It’s programmed to say 100k. We said we would escape and leave the bears behind. The fact is that $BTC has been trading in a range for three months.” Popular trader Follis summed it up in some of his posts from X (formerly Twitter):
As Cointelegraph reported, others saw the decline as likely to continue towards $60,000 if market bidding dynamics do not change.
At the time of writing, CoinGlass data shows liquidity forming below around $65,700, with $67,700 being the main obstacle on the way up.
“History wins,” said popular trader and analyst Rekt Capital, comparing this BTC price cycle to previous price cycles.
“As history shows, Bitcoin has never been able to break out this early after a halving.”
A new wave of withdrawals is emerging from Bitcoin exchanges
On-chain data captured exchange withdrawals in progress, particularly on Coinbase, the largest exchange in the US.
Related: Bitcoin Hash Ribbon Flashes First Buy Signal Since BTC Price $25,000
Total BTC balances on Coinbase Pro have decreased by 14,420 BTC ($972 million) in the 24 hours as of writing, thanks to declines in traditional exchange balances reported by Cointelegraph earlier this month.
In the 30 days ending June 12, Coinbase lost more than 38,000 BTC, with overall exchange balances hitting a seven-year low.
On-chain analytics platform Glassnode recorded net transfers on exchanges at 17,967 BTC ($1.21 billion) on June 11.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.