Bitcoin (BTC) is nearing a six-week low on June 21, with traders warning that buyers are not yet involved.
BTC Price Analysis: Bulls Still Holding Back
Data from Cointelegraph Markets Pro and TradingView tracked another day of problematic BTC price action, with BTC/USD hitting $63,356 on Bitstamp.
Down 3.7% so far this week and 5.75% for June as a whole, the pair has struggled to find acceptance even around the $64,000 level.
Analyzing the current market structure, popular trader Skew acknowledged that interest from some buyers is returning to record lows, but continued bidding is needed to fuel a broader recovery.
“There is some potential LTF absorption going on here,” he wrote in his latest update to X.
“Apparently, a lot of short selling occurs and spot goods are sold at prices near the low point. We need to see buyers demanding control to get bounce.”
Skew also lamented the “lack of real market participation,” with prices dictated by automated trading algorithms throughout the week.
“I think the price wants 60k once again as 1D is currently losing 64.5k. H4 is bullish across RSI/MACD so may change.” his fellow trader Roman wrote in part of his market report that day.
Roman cited Bitcoin’s Relative Strength Index (RSI) and the 4-hour moving average convergence/divergence indicator, potentially setting the stage for a BTC price rebound.
“Bitcoin has not recovered from its lows and continues to fall. Meanwhile, RSI remains above the 30 level.” Trader Jelle added: “Interesting behavior” on the topic.
Bitcoin has finally hit its short-term holding cost benchmark.
With the recent plunge, Bitcoin has reached and crossed a key bull market trendline in the form of the Short-Term Holding Cost Baseline (STHCB), also known as realized price.
Related article: 6 months sideways? Bitcoin price action mimics 2023 lull.
Cointelegraph reported that $64,000 has already served as unchallenged support since the end of the 2022 bear market.
Market observers did not miss this event, with commentator On-Chain College reacting: “It’s time for Bitcoin to fight.”
“The current price is $64.2,000 and STHCB is at $64,000, which is a nice breakout above STHCB. We’ll see how they interact at this level throughout the day,” he added to the ongoing X coverage.
Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, flagged the 21-week simple moving average (SMA) at $63,074 as another point of interest.
Nonetheless, he warned in his latest video update shared on X that order book liquidity around the region is nonetheless “relatively low.”
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.