Bitcoin fell below $67,000 at the open on Wall Street on June 11 as the market suffered a classic pre-inflation report decline.
BTC price drop: “Are you worrying a lot about nothing?”
The new local Bitcoin (BTC) price on Bitstamp hit a low of $66,696, according to data from Cointelegraph Markets Pro and TradingView. These are the worst numbers to date.
Bitcoin, which had fallen for nearly 24 hours straight, failed to buck the trend for the day as risk assets braced for a deluge of U.S. macroeconomic data and comments from the Federal Reserve.
Now, BTC/USD, which is down 3.6% on the day, has been met with a variety of downside targets from traders, extending to $60,000.
“We are getting closer to support. “If there is a reversal, I will buy.” Popular trader Roman spoke to his subscribers on X on the day.
“After all, we’ve been watching 67,000 people support for over a week, so it’s about time we get close.”
Fellow trader Castillo Trading agreed, focusing on a slightly lower buy zone around $64,000.
“We knew that $BTC could have some downsides. It was difficult to open new long positions above $70,000. Now we’re getting into territory where I’m more willing to add,” X’s post said in part.
Others called for calm amid the overall price volatility, which has seen Bitcoin fall below its all-time high for nearly three months.
“We are now 15 weeks below all-time highs,” said popular trader Jelle.
“We started this week in the red, falling back to the key support level at $67,500. It may be uncomfortable, but nothing has changed. “Don’t be shaken.”
Trader, analyst and podcast host Scott Melker called the recent price action “a big deal about nothing.”
“There was a decent decline today but it was simply a test of support in the EQ range. It’s still trading in the upper half of its range. “It’s been three months of predictable cutting that comes with this part of the cycle,” he reasoned.
Open interest is a ‘risk situation’
Market observers who monitor open interest (OI) in the derivatives market have advised caution.
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It hit a new all-time high, surpassing $37.6 billion in June, traditionally a classic warning about BTC price volatility.
Bitcoin futures OI declined as prices fell but remained above $35 billion, according to data from CoinGlass.
For Filbfilb, co-founder of trading suite DecenTrader, the writing was on the wall.
“Prices are flat and OI is up $1.5 billion. “It is a high-risk situation,” he summarized.
Filbfilb has contributed to what he calls the “worst case scenario” for BTC/USD. This includes downside wicks as low as $45,000.
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.