Bitcoin analyst remains optimistic about purchasing BTC at a lower price as three trendlines prove ineffective

Bitcoin (BTC) struggled to surpass the $65,000 mark following the opening of Wall Street on June 18, with analysts anticipating a further decline in BTC price.
The 1-hour chart for BTC/USD showed that moving averages were falling as the price of BTC dropped below $65,000. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was finding it difficult to hold support near important trendlines.
Bitcoin lost 3% in a single day, continuing a downward trend that has resulted in losses of up to $7,900 since June 9. As various support levels came into focus, market participants cautioned that many of them lacked conviction given the current market conditions.
Keith Alan, co-founder of trading resource Material Indicators, pointed out that multiple moving averages were becoming problematic after the spot price fell below them. He mentioned setting a trailing stop loss to protect profits in case of a Bitcoin dump, which was triggered when the price dropped to $64,000.
According to a report by Cointelegraph, the next level for BTC to retest was the short-term holder cost basis, which was just under $64,000 as of June 18. William Clemente, co-founder of crypto research firm Reflexivity, emphasized the importance of BTC not closing below this level for maintaining positive trends.
Examining order book activity, trader Daan Crypto Trades warned about the prevalence of “spoofing,” where large blocks of liquidity are posted and removed in an attempt to manipulate the price of BTC.
In another perspective on the crypto market, trading firm QCP Capital suggested that the recent price drops in Bitcoin and altcoins were not caused by negative news, but rather a lack of news altogether. They advised a cautious approach in such “boring” markets.
Altcoins faced significant losses as Bitcoin experienced a downturn, with the total altcoin market cap dropping by 7.5% to $219.06 billion.
It is important to note that this article does not offer investment advice or recommendations, and readers should conduct their own research before making any investment decisions.