Bitcoin

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Bitcoin has fallen to one-month lows, and traders are ready with their BTC price targets — which will come true?
The aggregate cost price of various hodlers is now coming into play as fears rise of a return below $60,000.
<h2 data-ct-non-breakable="true" id="btc-price-bottom-levels-track-hodlers-cost-basis">BTC price bottom levels track hodlers’ cost basis</h2>
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) surprised on June 14 by delivering another 3.5% dip, taking BTC/USD to $64,950 on Bitstamp.
Building on existing weakness, the move took current week-to-date losses to more than 6.7% — and BTC price action to its lowest levels since mid-May, 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>&nbsp;confirms.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/bb5ab0e0-818f-48a6-a25d-34aebf077368.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
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“Bitcoin just lost technical support at the 50-Day Moving Average,” Keith Alan, co-founder of trading resource Material Indicators, <a href="https://x.com/KAProductions/status/1801652272943763737" target="_blank" rel="noopener nofollow">wrote</a> in part of market coverage on X.
<blockquote data-ct-non-breakable="true">
 “If bulls lose support at $65k, be prepared for $60k or lower.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/d44fc58c-7510-48a8-8105-f5093f67b3cb.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Keith Alan
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While $65,000 managed to hold, others are looking for possible areas to call a near-term BTC price floor while new all-time highs look increasingly out of reach.
For Axel Adler Jr., a contributor to the onchain analytics platform CryptoQuant, hodlers’ cost bases are due to <a href="https://x.com/AxelAdlerJr/status/1801856307525247367" target="_blank" rel="noopener nofollow">receive</a> a new market test.
These levels, also known as realized price, refer to the aggregate buy-in price for investors hodling coins for various lengths of time. 
Of particular interest are short-term holders (STHs) — entities holding a given unit of BTC for up to 155 days, which represent the more speculative end of the hodler spectrum. As Cointelegraph reported, their cost basis has <a href="https://cointelegraph.com/news/btc-price-bounces-support-2023-bull-market">functioned as bull market support</a> almost flawlessly since the start of 2023.
CryptoQuant currently <a href="https://cryptoquant.com/community/dashboard/665ec68db0bb433604666b8c" target="_blank" rel="noopener nofollow">shows</a> the STH realized price to be $62,200.
Another cohort, those hodling for between three and six months, have a realized price of $55,500, while Bitcoin’s “diamond hands,” the long-term holders, have their cost basis at $24,300.
“How long the correction might last will be determined by the market, but in previous cycles, similar situations lasted from 65 to 371 days,” Adler commented.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/019a2b35-659c-44a7-9897-a3e3fb122e95.png" alt="" title="">
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 Bitcoin realized price data. Source: Axel Adler Jr.
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<h2 data-ct-non-breakable="true" id="bitcoin-trader-watches-for-illiquid-squeeze">Bitcoin trader watches for “illiquid squeeze”</h2>
Earlier, Cointelegraph reported on concerns that $60,000 may still return to the BTC/USD chart — and that even this might not hold as support.
Related: <a href="https://cointelegraph.com/news/3-reasons-why-65k-marks-bottombitcoin">3 reasons why $65K marks the bottom for Bitcoin</a>
Should such a scenario occur, longtime trader Peter Brandt warned, the path to <a href="https://cointelegraph.com/news/bitcoin-whales-new-btc-price-48k-target">as low as $48,000</a> will come into play.
Others are focused on shorter-term areas of interest based on exchange order book activity.&nbsp;Among them is popular trader Skew, who on June 15 revealed thickening bid liquidity around $62,000.
“Looks like the bid wall around $65K did get partially front run here. There’s noticeably a large gap between bids and asks here,” he <a href="https://x.com/52kskew/status/1801775004562166194/photo/1" target="_blank" rel="noopener nofollow">noted</a> about the landscape of the largest global exchange, Binance.
<blockquote data-ct-non-breakable="true">
 “Quoted ask liquidity around $70K currently. So there's room for forcing an illiquid squeeze in which id be watching for passive supply selling into it ($68K - $69K). Some fresh bid liquidity quoted around $63K - $62K with bulk of the demand around $60K if $65K is lost.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/ce7ce46a-7521-4d55-b158-8141a992fe64.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with liquidity data. Source: Skew
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Data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> meanwhile shows a line of liquidity at $64,900 — just beneath the intraday lows — increasing in size at the time of writing.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/1be52303-f029-4b9b-b471-36d3c5467ad6.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
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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 bounces at 1-month lows — Watch these BTC price levels next

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