Bitcoin continued its downward trend as the Wall Street market opened on June 17, with bulls failing to stage a comeback.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) fell to $65,066 on Bitstamp, reaching lows similar to those seen on June 14.
Despite a slight uptick over the weekend, the momentum did not carry into the first Asia trading session of the week, with U.S. markets also displaying a lackluster performance.
Traders were closely monitoring various support levels, with concerns extending down to $60,000 and the possibility of multi-month lows if that level does not hold.
$65,000 was a key area of focus following the breakdown of $66,000, with traders noting significant liquidity levels at $65,000 and $66,300. These levels were seen as magnets for price action, according to data from CoinGlass.
Some traders, such as Daan Crypto Trades, highlighted $67,300 as a potential level to watch for support, pointing to an inverse head and shoulders pattern on the chart as a reason for optimism.
Exchanges also noted an increase in Bitcoin inflows, with on-chain analytics platform CryptoQuant reporting a rise in coins being sent to exchanges. Coins that had not moved for three to six months, as well as those dormant for up to a year, were particularly in focus.
The analysis suggested that these coins could create selling pressure in the short term, potentially leading to further price declines.
It is important to note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment decisions.