Bitcoin Struggles to Maintain Support amid Predicted Price Declines and Market Spoofing
Summary:
Bitcoin (BTC) failed to achieve a value of $65,000 after the Wall Street start on June 18 with experts forecasting further price drops. BTC has been struggling to maintain support near key trendlines with a decreasing trend responsible for $7,900 losses since June 9. Various support levels are under scrutiny, but under current market conditions, many seem unconvincing. Traders warned of "spoofing", and the total altcoin market cap traded down 7.5% on the day, at $219.06 billion.
Bitcoin (BTC) was unsuccessful in achieving a value of $65,000 following the commencement of Wall Street operations on June 18, with experts foretelling further decline in the BTC price. Figures presented by Cointelegraph Markets Pro and TradingView highlighted the struggle BTC/USD had in maintaining critical supportive trendlines.
BTC experienced a 3% decrease, extending a negative trend that since June 9 has resulted in losses totaling $7,900. Various support values are being monitored by market traders, but doubts have arisen due to the weak belief in these levels under prevailing conditions.
Concern was voiced by Keith Alan, the co-founder of the trading resource Material Indicators, as several moving averages (MAs) posed an issue after the spot price fell beneath them. Speaking on X (formerly known as Twitter), he described setting a preventive stop loss prior to leaving town to safeguard profits, expressing optimism about the situation.
According to his comments, Cointelegraph anticipates the next valuation to be re-evaluated will be the near-term owner cost basis, as of June 18, which is marginally below $64,000. A noted trader, Daan Crypto Trades, warned that deceptive manipulation called "spoofing" was rampant, as larger chunks of liquidity were posted and then removed seemingly to manipulate BTC's price.
As BTC and alternate currencies seem to be affected, possibly due to an absence of news, trading firm QCP Capital provided a different perspective. The firm suggested that the lack of interesting updates usually unsettles weak holders. In such stagnant market conditions, QCP advised adopting a wait-and-see approach. At $219.06 billion, the total altcoin market cap traded down 7.5% on the day.
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Published At
6/18/2024 6:40:39 PM
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