Bitcoin’s price dropped below $68,000 on June 11th during the Asia trading session, signaling potential further losses for BTC.
Analysis from Cointelegraph Markets Pro and TradingView revealed a 3% decrease, bringing Bitcoin to a low of $67,320 on Bitstamp after the daily close. The lack of significant bid support at the crucial $69,000 level left Bitcoin vulnerable to a downward trend due to thin liquidity in the exchange order book.
Keith Alan, co-founder of trading platform Material Indicators, had previously cautioned about the lack of strong bids, indicating weakness in BTC’s price. He highlighted that while there was some bid support, it was not substantial enough, even below $60,000.
A chart provided by Material Indicators displayed the order book liquidity for the BTC/USDT pair on Binance, showing the lack of solid support. Following this, Bitcoin officially rejected $69,000 as a support level and relinquished the 21-day moving average, a significant short-term trendline.
The upcoming United States macroeconomic data, including the Consumer Price Index (CPI) and the Producer Price Index (PPI), along with the Federal Reserve’s interest rate decision and Chair Jerome Powell’s press conference, could potentially impact Bitcoin and crypto prices.
Contrasting opinions emerged regarding Bitcoin’s support levels, with trader Credible Crypto suggesting that the drop may not lead to a drastic decline to $60,000. He noted that despite fluctuations in liquidity by large-volume traders, there is still a strong appetite for BTC, potentially preventing the price from dropping below $65,000.
Credible Crypto also observed that resistance at $72,000 quickly faded once Bitcoin started reversing, hinting at a possible reversal from the current levels. However, he acknowledged the uncertainty in predicting Bitcoin’s movements accurately.
It is important to note that this article does not offer investment advice, and readers should conduct their own research and analysis before making any financial decisions.