Bitcoin Struggles to Regain Momentum: Renewed Selling Pressure Expected
Summary:
Bitcoin's value dropped to $65,066 on June 17, reflecting a continuance of recent losses. Trading experts are exploring various support levels, with concerns mounting if the crucial $60,000 mark is undercut. Noted traders speculate a "Red Monday, Green Week" trend, with an upward shift expected. On-chain analytics platform, CryptoQuant, reported an increased inflow of coins moving to exchanges, indicating the likelihood of heightened selling pressure.
Bitcoin was unable to rally on June 17, perpetuating recent losses as the cryptocurrency failed to regain its footing. The Bitcoin (BTC) value fell to $65,066 on the Bitstamp exchange, similarly low to its performance on June 14. Despite a minor upward shift over the weekend, the upward trend did not carry over into the first Asian trading session of the week, with the US markets maintaining the sluggish momentum.
Noted trader, Jelle, posted on social platform X, formerly known as Twitter, indicating that Bitcoin needs to form a higher low before it drops to $62,000, further suggesting a potentially green week following a "red Monday." Trading experts are also eyeing various other support levels, extending down to $60,000, risking profound lows if this crucial floor is also undercut.
The day's attention was especially attuned to the $65,000 mark after $66,000 was breached. Fellow trader Daan Crypto Trades stated that these levels could act as a magnetic pull when the price hovers close to them. He further added that these levels are not always accessible and are often accompanied by drastic liquidation.
For those bullish on Bitcoin, Crypto Tony emphasizes the importance of turning the $67,300 level into support. Complimenting this statement, his chart shows a potential glimmer of hope with the formation of an inverse head and shoulder pattern, hinting at a possible end to the local downturn.
CryptoQuant, an on-chain analytics platform, captured an increased inflow of coins moving to exchanges, reflecting the market's reaction to Bitcoin's recent decline. The platform noted 40% of coins have been idle for three to six months, 20% for between six to twelve months and the rest contains mixed-age coins. The trend indicates an increased likelihood of heightened selling pressure and a potential return to a freefall pattern.
This news piece does not render any investment advice or recommendations. Investment and trading come with inherent risks, hence readers are urged to perform their own analysis before making any financial decisions.
Published At
6/17/2024 6:36:45 PM
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