FOMC

United

Bitcoin

Rekt

Bitcoin&nbsp;returned to circle $67,500 on June 12 after a cross-crypto rout sparked large exchange withdrawals.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5c49a9be-e109-484a-87eb-cfc03ef972ae.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
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<h2 data-ct-non-breakable="true" id="traders-not-surprised-by-weak-btc-price-behavior">Traders not surprised by weak BTC price behavior</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price action steadying as markets braced for United States macroeconomic events.
Bitcoin had <a href="https://cointelegraph.com/news/bitcoin-price-new-june-lows-open-interest-35b">fallen to $66,000 the day prior</a> in a cascade, which sparked long liquidations totaling over $50 million, per data from monitoring resource <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">CoinGlass</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/65a96022-ed0b-4ffb-a119-e33b23476077.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
The events conformed to a pattern previously seen before Federal Reserve meetings on interest rates, the latest due on the day along with the May print of the Consumer Price Index (CPI).
Reacting, many traders recognized classic BTC price behavior, combined with the fact that BTC/USD sat at key resistance below all-time highs.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/8fd97e7b-2ae2-471e-aa0a-ce6975d6d71a.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Quinten
 </figcaption>
</figure>
“Same accounts on CT start calling for higher. Saying 100k is programmed. Saying we’re gonna break out and leave the bears behind. When the fact is that $BTC has just been trading in a range for 3 months,” popular trader Follis <a href="https://x.com/follis_/status/1800564204681691523" target="_blank" rel="noopener nofollow">summarized</a> in part of a post on X.
As Cointelegraph reported, <a href="https://cointelegraph.com/news/btc-price-risks-60k-bitcoin-bid-liquidity-new-3-dip">others saw the potential for downside</a> to continue toward $60,000 should market bid dynamics not change.
At the time of writing, CoinGlass data showed liquidity building around $65,700 to the downside, with $67,700 forming the main hurdle to overcome higher up.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/aac64d5d-966a-4a59-a832-df589e7b0a41.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“History prevails,” popular trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1800556091291611317" target="_blank" rel="noopener nofollow">continued</a> while comparing this BTC price cycle to those before it.
<blockquote data-ct-non-breakable="true">
 “Bitcoin was not able to breakout this early in the Post-Halving period, as history suggested.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/22c11f4c-a67e-4faa-a536-0d88a44b1d84.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD comparison. Source: Rekt Capital
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-exchanges-see-new-wave-of-withdrawals">Bitcoin exchanges see new wave of withdrawals</h2>
Onchain data meanwhile captured ongoing exchange withdrawals, with the largest U.S. exchange, Coinbase, particularly in focus.
Related: <a href="https://cointelegraph.com/news/bitcoin-hash-ribbons-first-buy-signal-25k-btc-price">Bitcoin hash ribbons flash the first buy signal since $25K BTC price</a>
The total BTC balance on Coinbase Pro was down 14,420 BTC ($972 million) in the 24 hours to the time of writing, building on existing exchange balance decreases, which Cointelegraph <a href="https://cointelegraph.com/news/btc-price-breakout-never-seen-before-5-things-bitcoin-this-week"></a><a href="https://cointelegraph.com/news/btc-price-breakout-never-seen-before-5-things-bitcoin-this-week">reported on earlier in June</a>.
In the 30 days through June 12, Coinbase was down by over 38,000 BTC, with overall exchange balances at their lowest in seven years.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/4de3d327-775c-4139-a1b8-47e7b5a0a6cb.png" alt="" title="">
 <figcaption style="text-align: center;">
 Exchange balance data (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Onchain analytics platform <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=transactions.TransfersVolumeExchangesNet&amp;zoom=all" target="_blank" rel="noopener nofollow">Glassnode</a> put the net transfer volume from exchanges on June 11 at 17,967 BTC ($1.21 billion).
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/38f3bc76-3e39-4210-a7ae-0370097d8afe.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin net transfer volume from/to exchanges. Source: Glassnode
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin braces for CPI, FOMC as exchanges shed $1.2B of BTC in a day

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