Bitcoin (BTC) extended its losses by the Wall Street open on June 17 as the bulls failed to rebound.
Bitcoin Traders Hope for “Red Monday, Green Week”
Bitcoin (BTC) fell to $65,066 on Bitstamp, nearly matching its one-month low on June 14, according to data from Cointelegraph Markets Pro and TradingView.
The weekend’s modest gains were not maintained during the first Asian trading session of the week as US markets continued to remain sluggish.
Popular trader Jelle warned in one of the day’s posts on
“Red Monday, Green Week?”
Traders had various support levels in mind, which extended to $60,000, with a multi-month low on the radar if it fails to hold even there.
$65,000 represented a major focus in terms of liquidity the day after $66,000 collapsed.
“Great liquidity levels of $65,000 and $66,300. Keep in mind that there are always levels on both sides and they are not always tapped. These levels can act as magnets when prices are trading closely together.” Fellow trader Daan Crypto Trades commented along with order book liquidity data from monitoring resource CoinGlass.
Meanwhile, cryptocurrency trader Tony highlighted $67,300 as a support level for those considering buying BTC.
The attached chart shows an inverted head-shoulders pattern. This could potentially be cause for optimism once the local low is completed.
Increased BTC inflows to exchanges
CryptoQuant, an on-chain analytics platform, measured the market reaction to the latest BTC price movements, noting an increase in coins being transferred to exchanges.
Related: $66,000 BTC Price Now ‘Critical’ — 5 Things to Know in Bitcoin This Week
Particular focus was placed on coins that last moved 3-6 months ago and coins that have been dormant for up to a year.
“40% of Bitcoins transferred are in the 3M-6M range, 20% are in the 6M-12M range, and the remainder is a mix,” contributor .
“Bitcoin transferred this way will create selling pressure. “This analysis deals with the short-term aspect, so after a certain rise, selling pressure will increase and it is expected to enter a free fall phase again,” he said.
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.