Bitcoin Drops to June Lows of $64,000

Bitcoin hit new one-month lows on June 18 after a brief surge past $67,000 failed to hold.

Data from TradingView recorded volatile BTC price movements during the previous day's Wall Street trading session.

Bitcoin reached local highs of $67,250, but momentum quickly faded as sellers drove the price down to $64,050 within hours.

This drop marked the lowest level for Bitcoin since May 15, and market analysts were not optimistic in their reactions.

“As we can see here the bounce was led by Coinbase spot primarily and some buying from Bitfinex,” popular trader Skew commented in market coverage on X.

“Spot Binance spot still seeing sell pressure. I think $66K - $67K key area to gauge if there's ongoing absorption else lower prices will come with price bleeding.”

Skew noted that such sweeping lows were “not uncommon” behavior.

“Good sign here is spot premiums & pretty low funding,” he added, referring to current funding rates across exchanges.

Monitoring resource CoinGlass showed fluctuating liquidity conditions on BTC pairs following the latest lows.

“Funding rates are slightly positive, showing bullish. Buy the dip,” the platform advised its X subscribers.

Considering the potential for further price drops, popular trader Credible Crypto identified a “dream” zone for buying BTC, starting at around $63,500.

The likelihood of this zone becoming available for purchase was uncertain.

“Yes, we can still technically go lower into the ‘dream long’ zone below, but as I’ve previously said it would not surprise me to see that zone front run,” part of his X commentary read, advising followers to “watch for a low timeframe impulse” move.

This area aligned with a key bull market support trendline that analysts, including Checkmate, lead on-chain analyst at Glassnode, are monitoring.

As Cointelegraph continues to report, the short-term holder realized price (STH-RP), currently at $63,700, has historically supported BTC price action since the bull market began at the start of 2023.

For Checkmate, maintaining that level is crucial for market sentiment.

“It is hard for me to be too scared of Bitcoin price action when unrealized losses look like this. It could deteriorate for sure...but it hasn’t yet,” he wrote alongside an explanatory chart.

Sources:

https://cointelegraph.com/news/buy-the-dip-bitcoin-price-1-month-lows-64k

https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE

https://x.com/52kskew/status/1802885847450321172

https://www.coinglass.com/pro/futures/LiquidationHeatMapNew

https://x.com/coinglass_com/status/1802893629708792005

https://x.com/CredibleCrypto/status/1802907539597570534/photo/1