BTC price should break $60K as it continues to decline on the new 3% dip.
Bitcoin traded below $68,000 during the June 11 Asian trading session as analysts warned of further BTC price losses.
BTC price weakness meets lack of “severe” bid support.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) taking a low of $67,320 after the daily close.
Lacking support at the key $69,000 level, Bitcoin bulls have been unable to stop the downward march with the exchange's thin order book liquidity.
A day earlier, Keith Allan, founder of Trading Resources Material Indicators, warned that insufficient bids could be a warning sign for BTC price strength.
“Obviously we have some level of bid support in here, but it's not a heavy, heavy focus — and honestly, if I can be completely honest, it's not even going up to $60,000,” he said during a recent YouTube update.
The attached chart covers the order book fees for the BTC/USDT pair on the largest global crypto exchange, Binance.
In a follow-up post on X, he noted that with material indicators moving lower in recent moves, Bitcoin regularly rejected $69,000 as support and also abandoned its 21-day moving average – a key short-term trend.
“Support at the 21-day moving average and the R/S Flip at $69k have both been rejected,” it read.
“This action is not over. In fact, I expect these killer whale games to continue through JPow's commentary on Wednesday and economic reports on Thursday.
Cointelegraph reports that the week's main potential volatility for Bitcoin and crypto price action will be US macroeconomic data – the Consumer Price Index (CPI) and the Producer Price Index (PPI) – along with the Federal Reserve's latest interest rate decision and a press release by Chairman Jerome Powell.
“So far, CPI/PPI is at the high end of this range and the FOMC has led to lower prices in the area,” continued the popular Trader Skew on the topic.
“An interesting few days ahead.”
Mixed opinions on Bitcoin support
In his own market analysis, meanwhile, the associate trader and analyst Credible Crypto, the result of the move down to travel to $ 60,000, may not be radical.
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As large volumes of traders add and pull liquidity from the market at will, BTC appetite may survive the bulls below $65,000.
“We continue to see spot absorption with each and every downtrend, even on lower timeframes,” he summarized for X subscribers.
Credible Crypto said that resistance at $72,000 was “immediately pulled” once Bitcoin started to reverse.
Low and 62-65k and what are the odds of a reversal from this? “I think they are decent,” he concluded.
“Of course there's no guarantee, but we'll know soon enough about the developing papa in the next 24 or so hours.”
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.
