Bitcoin Falling Below Analysts: During the Asia trading day on June 11th, the price of Bitcoin (BTC) fell below $68,000, reinforcing the downward pressure on the cryptocurrency. More losses are on the horizon, according to analysts, who are predicting a possible decline to $60,000. TradingView said Bitcoin hit a 24-hour low of almost $66,800, a fall of 3.88%, contributing to the gloomy sentiment.
Weak order book liquidity and the failure of the crucial support level at $69,000 contributed to the decline. Market watchers are mainly worried about what’s known as “bid liquidity,” or the absence of significant purchasing pressure. Material Indicators co-founder Keith Alan has updated his YouTube channel to draw attention to the lack of purchasing power:
Bearish Signals Break $69K Support
MateSupportdicators’ additional technical analysis points to a negative future. Due to its price decline, Bitcoin Falling Below Analysts has just rejected the $69,000 support level and the 21-day moving average, two important short-term trend indicators. According to the research, there was a rejection of both the R/S Flip at $69k and the Support at the Support Moving Average. “This is just the beginning. I anticipate these killer whale games persist through Wednesday’s remarks by JPow and Thursday’s economic releases.
Upcoming releases of US economic data can cause Bitcoin and the crypto market to undergo turbulence this week. The Federal Reserve’s interest rate announcement, Jerome Powell’s press conference, the Consumer Price Index (CPI), and the Producer Price Index (PPI) are important events to watch. Skew, a well-known trader, offered his thoughts on the link between the two. While the FOMC caused local lows, he pointed out that CPI and PPI have been near the top of their ranges. The next several days, according to Skew, will be exciting.
Will Bulls Defend $65,000?
Although the price may fall to $60,000, some analysts maintain a cautiously optimistic outlook. Credible Crypto, an additional famous trader, says that the actions of large-volume traders may prevent a steeper decrease in the cryptocurrency’s price. Specifically, he draws attention to the fact that “spot absorption” on dips indicates purchasing demand even at lower price points.
Also Read: Notcoin Falls Below $0.02 After Crypto Market Triangle Crash
Additionally, he noted the rapid withdrawal of sell orders (resistance) at $72,000 after the price improved. The fact that this is the case shows that certain whales may be manipulating the market in a planned manner. Credible Bitcoin Falling Below Analysts believe that there is a reasonable possibility that we will reach range lows, which are between $62,000 and $65,000, and then reverse. Although there is no guarantee, we should know the situation within the next twenty-four hours based on the price activity.
