Bitcoin’s price fell below $67,000 ahead of the June 11 Wall Street opening, marking a typical pre-inflation report downturn in the markets.
The BTC/USD 4-hour chart displayed new local Bitcoin price lows of $66,696 on Bitstamp, the lowest point of the month so far. Despite a continuous drop for nearly 24 hours, Bitcoin was unable to reverse the trend as investors braced for a flood of US macroeconomic data and Federal Reserve remarks.
With a 3.6% decrease on the day, BTC/USD faced multiple downside targets, some reaching as low as $60,000 according to traders. Popular trader Roman hinted at potential long positions if a reversal occurred, while Castillo Trading identified a buy zone around $64,000.
While some traders remained calm amidst the price consolidation below all-time highs for almost three months, others like Jelle noted the ongoing rangebound price action. Scott Melker, a trader, analyst, and podcast host, described the recent price movement as insignificant, attributing it to testing support levels within the range EQ.
Caution was advised by market observers watching open interest on derivatives markets, which hit new all-time highs in June, surpassing $37.6 billion. Although Bitcoin futures open interest decreased as the price dropped, it remained above $35 billion.
Filbfilb, a co-founder of trading suite DecenTrader, warned of a high-risk situation with flat prices and increasing open interest. He outlined a “worst-case scenario” for BTC/USD, suggesting potential downside wicks to as low as $45,000.
This article does not offer investment advice or recommendations, as all investment and trading decisions involve risks that readers should research thoroughly before making any decisions.