Bitcoin’s value dipped below $68,000 on June 11 during the Asian trading session. This decline comes amid warnings from analysts about potential further losses for Bitcoin’s price. Bitcoin’s lack of significant bid support is contributing to its price weakness. Data from Markets Pro and TradingView recorded a 3% decline, leaving Bitcoin at a low of $67,320 on Bitstamp after the daily close. The cryptocurrency could not maintain its position at the critical $69,000 level, with bulls unable to prevent the downward movement due to sparse liquidity in the exchange order books.
Keith Alan, co-founder of trading resource Material Indicators, had previously indicated that a lack of heavy bid support could spell trouble for Bitcoin’s price strength. In his latest YouTube update, he highlighted that although some laddered bid support exists, it is not heavily concentrated, even down to $60,000. This insight was accompanied by a chart displaying order book liquidity for the BTC/USDT pair on Binance, the world’s largest cryptocurrency exchange.
Material Indicators further noted in a subsequent post on X that Bitcoin’s recent decline confirmed the rejection of $69,000 as support and also broke through the 21-day moving average, an essential short-term trendline. The post stated, “Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated. This move isnβt over. In fact, I expect these killer whale games to continue up to and through JPowβs comments on Wednesday and economic reports on Thursday.”
This coming week’s major potential source of volatility for Bitcoin and the broader crypto market is the forthcoming United States macroeconomic data, which includes the Consumer Price Index (CPI) and Producer Price Index (PPI). The Federal Reserve’s latest interest rate decision and the subsequent press conference led by Chair Jerome Powell are also anticipated to be significant influences. As reported, the intersection of these events could lead to notable fluctuations in cryptocurrency prices. Popular trader Skew mentioned, “So far CPI/PPI has been around the highs of this range & FOMC resulting in local lows. Interesting few days ahead.”
Opinions on Bitcoin’s support levels are varied. Credible Crypto, another trader and market commentator, suggested that the downward move might not be as severe as reaching $60,000. He pointed out that the presence of liquidity being added and removed by large-volume traders might prevent the price from falling below $65,000. He summarized for his X followers that “We continue to see spot absorption on each and every move down, even on lower timeframes.”
Credible Crypto also observed that when Bitcoin began its reversal, resistance at $72,000 was quickly removed. He speculated, “What are the odds we front run range lows and 62-65k and just reverse from here? I think they are decent.” He emphasized that while there are no guarantees, the market’s price action over the next 24 hours would provide more clarity.
The current market analysis for Bitcoin shows a mixed sentiment regarding its future price movements. Analysts warn of potential further declines, yet some traders see room for a reversal. As the market braces for critical economic data and decisions, the outcomes could significantly influence Bitcoin’s direction in the immediate short term. The coming days were expected to be crucial in determining whether Bitcoin stabilizes or continues its downward trajectory.
Therefore, traders and investors are advised to remain vigilant and stay updated with the latest market trends and economic reports. The situation underscores the inherent volatility of the cryptocurrency market and the importance of informed trading decisions.
Crypto trading demands patience and knowledge. Learning so much from these insights! πβ¨
These rollercoaster rides with Bitcoin are exhausting! Down below $68k already? When will it stabilize?
Markets could be choppy ahead of the Fed’s decision, but I’m here for the long hault!
Interesting dynamics at playCPI, PPI, and JPow’s comments could stir things up. Buckle up!
Material Indicators wasn’t kidding about Bitcoin’s weak support. Another drop, another headache for us all. π
The dip was expected, but Bitcoin always has a way of surprising us. Stay positive!
Can’t believe Bitcoin is dipping this low again… Is there no end to this chaos? π©
Material Indicators nailed it with their analysis. Missed support levels can really shift the landscape
Everyone keeps hyping Bitcoin, but with drops like this, it’s turning into a nerve-wracking investment. $67k and falling? Not cool. π
This was predictable with no solid bid support in place. Bitcoin investors deserve better stability than this!
Crypto markets have ups and downs. This dip is a buying opportunity for strong hands!
Interesting times ahead for Bitcoin. Staying vigilant is key! ππ
Being advised to stay vigilant isn’t helping when Bitcoin’s dropping like this. When will the madness end? π°
Keith Alan’s insights are always so valuable! Amazing analysis on the lack of heavy bid support
Excited and anxious for the upcoming economic reports. The suspense is real! ππ
Economic data and interest rates are making things worse. Bitcoin’s unpredictability is beyond stressful. Enough already!
Bitcoin couldn’t sustain $69k, and now it’s spiraling down… Lucky us. This is really disappointing.
Even though Bitcoin dips, I still believe in its long-term potential!
Volatility is just a part of the game. I’m curious to see how the market responds to upcoming economic data
Keith Alan was right about the lack of bid support, and now we’re all paying the price. Bitcoin is such a headache right now! π
Bitcoin hitting lows around critical economic dates isn’t surprising. Always a rollercoaster with crypto!