As Bitcoin sellers return to exchanges, the price of BTC is at risk of $62K
Bitcoin extended losses at the June 17 Wall Street open as bulls failed to rebound.
Bitcoin trader hopes for “Red Monday, Green Week”.
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) fell to $65,066 on Bitstamp, matching its one-month low since June 14.
A modest advance over the weekend failed to continue in the first Asian trading session of the week, with US markets continuing to be weak.
“Bitcoin is where you want to see a higher low — or $62,000 is starting to look like it's on the menu,” noted trader Jelle in one of the day's posts on X (formerly Twitter).
“Red Monday, Green Week?”
Traders had various support levels in mind, including the $60,000 level, which has multi-month lows on the radar if that level is not held.
$65,000 $66,000 the day after the breakout represents a significant focus in terms of liquidity.
“Great liquidity levels at $65k and $66.3k. Remember, there are always steps on both sides and these don't always touch. These levels can act as a magnet when price trades close to it,” commented Daan CryptoTrades, partner trader alongside asset CoinGlass tracking order balance data.
Trader Crypto Tony, meanwhile, has identified $67,300 as a level to support those considering going long into BTC.
The accompanying chart shows an inverse head and shoulders pattern – which could be cause for optimism if the local lows are over.
Exchanges increase in BTC earnings.
CryptoQuant, an on-chain analytics platform that measures market reactions to recent BTC price movements, has seen an increase in the number of coins sent to exchanges.
Related: $66K BTC Price Now ‘Critical' — 5 Things to Know in Bitcoin This Week
In particular, the focus was on coins that were circulated three to six months ago and coins that had been dormant for up to a year.
“40% of the sent Bitcoins are in the 3M-6M range, 20% are in the 6M-12M range and the rest is a mix,” contributor XBTManager wrote in one of the CryptoQuant Quicktake market updates on June 16.
“These sent bitcoins create selling pressure. This analysis covers a short period of time in which it appears that after a certain increase the selling pressure will increase and we will again enter free fall.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
