Bitcoin Plummets to One-Month Low; Analysts Monitor Crucial Price Range
Summary:
Bitcoin experienced a one-month low on June 18, with BTC value dropping to $64,050. After an unsuccessful surge to $67,250, sellers dominated the market. Analysts pointed out an ongoing selling pressure on Binance's spot market and marked a key price range of $66,000-$67,000 to monitor. The probability of BTC further dropping to a "dream" zone of around $63,500 for long-term investments was uncertain. In the current climate, short-term holders are near the breakeven point, with the short-term holder realized price (STH-RP) resting at $63,700.
On June 18, Bitcoin (BTC) experienced a slump, hitting its lowest value in a month, following an unsuccessful attempt to climb beyond $67,000. The details of this fluctuation in BTC value were sourced from Cointelegraph Markets Pro and TradingView, who detailed a brief surge to local maximums of $67,250 during Wall Street's trading hours. However, this upturn was short-lived as sellers quickly regained control, dragging the BTC/USD down to $64,050 within a few hours. This drop marked the lowest point for the pair since May 15, eliciting minimal positive response among market watchers.
Noted market analyst, Skew, highlighted that the initial uptick in value was largely driven by Coinbase spot and some purchases from Bitfinex. But, persistent selling pressure on Binance's spot market kept prices from holding. Skew suggested a key price window of $66,000-$67,000 to observe for any possible price drop-offs. Despite the current landscape, Skew added that this type of sharp decrease is not unheard of, pointing to low funding rates across various exchanges as a good indicator.
Meanwhile, data from monitoring platform CoinGlass showed variable liquidity conditions on BTC pairs following the new lows, with funding rates displaying a subtly bullish tone. Skilled trader, Credible Crypto, outlined the possibility of the BTC going down to a "dream" zone of around $63,500 for long-term investments in BTC.
This zone aligns with a key bull market support trendline which is attracting the attention of analysts, including Glassnode’s lead on-chain analyst, Checkmate. The probability of delving into this "dream zone", however, remained uncertain.
The recent cryptocurrency climate has seen short-term holders hovering around the breakeven point, with the short-term holder realized price (STH-RP) currently sitting at $63,700. This has been the central pillar of BTC prices ever since the bull market kickstarted in early 2023. For Checkmate, the ability to maintain this level will be a pivotal sentiment shifter. Nonetheless, Bitcoin price fluctuations continue to be a dicey venture, which always warrants comprehensive research prior to making a decision or investment.
Published At
6/18/2024 9:39:33 AM
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