Bitcoin hit a one-month low on June 18, failing to break above $67,000.
Weak BTC Price Generates $64,000 in Profit
Data from Cointelegraph Markets Pro and TradingView captured volatile BTC price conditions during the previous day’s Wall Street trading session.
This pushed it to a local high of $67,250, but momentum soon stalled as sellers took control sending Bitcoin (BTC) to $64,050.
This marked the lowest level since May 15, and market observers had little good news to share about it.
“As you can see here, the rebound was mainly driven by purchases on Coinbase spot and some on Bitfinex,” popular trader Skew explained in a market report on X.
“Spot Binance Spot is still under selling pressure. I think there is a key area around $66,000 to $67,000 to gauge if there is continued absorption. Otherwise, price declines will come with price hemorrhages.”
Nonetheless, Skew reasoned that the sharp troughs in style seen in recent days are “not uncommon” behavior.
“The good signs here are spot premiums and fairly low funding,” he added, referring to current funding rates across exchanges.
Data from monitoring resource CoinGlass showed the liquidity position of the BTC pair fluctuating after hitting recent lows.
“Funding rates are slightly positive and optimistic. Buy the dip.” The platform spoke to X subscribers today.
Noting whether the price could still go lower, fellow popular trader Credible Crypto described a “dream” zone for buying BTC starting at around $63,500.
However, the chances of this becoming available for purchase are mixed.
“Yes, we could still technically move lower into the ‘dream long’ area below, but as I said before, I wouldn’t be surprised to see that area leading the way.” Part of X’s comment told followers: Low-period impulse” movement.
Short-term Bitcoin holders near break-even point
The area coincided with a key bull market support trend line that is currently on the radar of analysts, including Checkmate, Glassnode’s lead on-chain analyst.
Related: $66,000 BTC Price Now ‘Critical’ — 5 Things to Know in Bitcoin This Week
As Cointelegraph continues to report, the Short Holder Realized Price (STH-RP), which currently stands at $63,700, has traditionally supported BTC price action since the bull market began in early 2023.
For Checkmate, the price holding that level determined the sentiment.
“It’s hard to be too fearful of Bitcoin price action when unrealized losses look like this. It could definitely get worse, but it’s not there yet,” he wrote alongside an explanatory chart.
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.