Bitcoin traded below $68,000 during the Asian trading session on June 11 as analysis predicted further BTC price declines.
BTC price weakness meets lack of “heavy” bid support.
Bitcoin (BTC) fell 3% to a low of $67,320 on Bitstamp after the daily close, according to data from Cointelegraph Markets Pro and TradingView.
Lacking support at the key $69,000 level, Bitcoin bulls were unable to stem the decline through thin exchange order book liquidity.
A day earlier, Keith Alan, co-founder of trading resource Material Indicators, warned that a lack of bids could be a warning sign for BTC price strength.
“Of course we have some bidding assistance here, but it’s not heavy and focused. To be completely honest, it’s not even heavy up to $60,000,” he said in a recent YouTube update.
The accompanying chart covers order book liquidity for the BTC/USDT pair on Binance, the largest global cryptocurrency exchange.
In a follow-up post on
“The 21-day moving average support and the $69,000 R/S flip were both invalidated,” it says.
“This movement is not over. In fact, I expect this orca game to continue through JPow’s commentary on Wednesday and the economic report on Thursday.”
As Cointelegraph reported, the main potential volatility catalysts for Bitcoin and cryptocurrency price movements this week are the Federal Reserve’s latest US macroeconomic data, along with the Consumer Price Index (CPI) and Producer Price Index (PPI). Interest rate decision and subsequent press conference. Chairman Jerome Powell.
Popular trader Skew continued on this topic: “So far CPI/PPI has been at the high end of the range and FOMC has hit local lows.”
“The next few days will be interesting.”
Mixed opinions on Bitcoin support
Meanwhile, in his market analysis, fellow trader and commentator Credible Crypto suggested that the consequences of a downward move may not be as drastic as a trip to $60,000.
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With large traders adding and withdrawing liquidity from the market at will, appetite for BTC could remain strong even at prices lower than $65,000.
He summarized to
Credible Crypto noted that as soon as Bitcoin began its reversal, the $72,000 overhead resistance was “immediately pulled.”
“What are the odds of a reversal from here, ahead of the low and 62-65k? “I think they are fine,” he concluded.
“Of course, there are no guarantees, but we will soon find out about PA developments in the next 24 hours or so.”
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.