Bitcoin experienced a drop to new lows on June 18 after failing to break past $67,000.
The weakness in BTC price led to a return to $64,000, with data from Cointelegraph Markets Pro and TradingView showing volatile conditions during the Wall Street trading session. Despite reaching local highs of $67,250, sellers quickly took control and pushed Bitcoin down to $64,050 – its lowest level since May 15.
Market observers had little positive news to share, with popular trader Skew noting that the bounce was primarily led by Coinbase spot and some buying from Bitfinex. However, Skew mentioned that the recent sweeping lows were not uncommon behavior and pointed out the positive sign of spot premiums and low funding rates across exchanges.
CoinGlass data showed fluctuating liquidity conditions on BTC pairs after the latest lows, with slightly positive funding rates indicating a bullish sentiment. The platform suggested buying the dip to subscribers.
Looking ahead, trader Credible Crypto highlighted a potential “dream” zone for buying BTC starting at around $63,500, but the likelihood of reaching that zone was uncertain. Analysts, including Checkmate from Glassnode, pointed to a key bull market support trendline at $63,700, which has historically supported BTC price action since the beginning of the bull market in 2023.
Checkmate emphasized the importance of price holding above this level, suggesting that despite potential deterioration, the current unrealized losses did not warrant significant concern. This analysis does not offer investment advice, and readers are encouraged to conduct their own research before making any decisions.