Reserve

Future

Bitcoin

<a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> fell below $67,000 as the Wall Street market opened on June 11, experiencing a classic pre-inflation report downturn.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached new local lows of $66,696 on Bitstamp, marking its worst performance of the month.
After nearly 24 hours of continuous decline, Bitcoin could not reverse the trend, with risk assets bracing for a flood of U.S. macroeconomic data and Federal Reserve commentary.
BTC/USD was down 3.6% on the day, with traders targeting further declines potentially reaching $60,000.
“Getting closer to support.
“Will be looking to enter longs if a reversal presents itself,” popular trader Roman informed his subscribers on X.
“Ultimately I’ve been eyeing the 67k support for over a week so it’s about time we’re getting close.”
Another trader, Castillo Trading, agreed but focused on a slightly lower buy zone around $64,000.
“We knew some downside was possible on $BTC. Was hard to open up fresh longs above $70,000.
“Now, we are getting into an area I am more willing and comfortable looking to add,” stated a post on X.
Others advised calm amid the overall range-bound price action, noting that Bitcoin has been consolidating below all-time highs for nearly three months.
“Week 15 of chopping below the current all-time highs,” popular trader Jelle observed.
“We’re off to a red start this week, pushing back into the key support level at $67,500.
“May be uncomfortable, but nothing has changed.
“Don’t get shaken out.”
Trader, analyst, and podcast host Scott Melker called the recent price action “much ado about nothing.”
READ MORE: <a href="https://www.cryptointelligence.co.uk/ripple-cto-debunks-rumors-of-abandoning-xrp-and-reaffirms-commitment-to-tokens-future/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple CTO Debunks Rumors of Abandoning XRP and Reaffirms Commitment to Token’s Future</a>
“Decent drop today, but simply testing support at the range EQ – still trading in the top half of the range.
“3 months into the predictable chop that comes with this part of the cycle,” he explained.
A note of caution was issued by market observers monitoring open interest (OI) on derivatives markets.
OI reached new all-time highs in June, surpassing $37.6 billion, which traditionally signals potential BTC price volatility.
Bitcoin futures OI fell as the price retreated, according to CoinGlass data, but remained above $35 billion.
Filbfilb, co-founder of trading suite DecenTrader, summarized, “Price flat, OI up $1.5bn. High-risk situation.”
Filbfilb also presented a “worst-case scenario” for BTC/USD, suggesting downside wicks could reach as low as $45,000.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitcoin Dips Below $67,000 Amid Pre-Inflation Report Market Jitters

Crypto Intelligence

Other articles published on Jun 12, 2024

Qubetics Whitelist Enters the Blockchain Arena: How it Stands Against VeChain and Binance

Robinhood to Acquire Bitstamp in $200 Million Deal to Boost Global Crypto Presence

Faktor Penghambat Reli BTC, Harga PEPE Melompat, dan Raihan Terbaru BlockDAG

Vitalik Buterin shares practical uses of crypto in everyday life

Why Invest in uShark?

Top Crypto Presale Sensation: MoonBag's $2 Million Haul Signals Massive Trust

Join our free newsletter for daily crypto updates!