Bitcoin

when

Material

Bitcoin (BTC) failed to reclaim $65,000 after the June 18 Wall Street open as analysts predicted further BTC price downside.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/d0f9bdea-0b8d-478b-9cdc-5eaf7754bdec.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="moving-averages-topple-as-btc-price-goes-under-65-000">Moving averages topple as BTC price goes under $65,000</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 BTC/USD struggling to maintain support near key trendlines.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) shed another 3% on the day, continuing a downtrend now responsible for up to $7,900 of losses <a href="https://cointelegraph.com/news/btc-price-risks-60k-bitcoin-bid-liquidity-new-3-dip">since it began</a> on June 9.
With various support levels now on the radar, market participants began to warn that many of these lacked conviction under current conditions.
For Keith Alan, co-founder of trading resource Material Indicators, multiple moving averages (MAs) were now a problem after spot price slipped through them.
“I set a trailing stop loss before leaving town to protect some profits in case Bitcoin dumped. That wick to $64k last night scaled me out of a position,” he <a href="https://x.com/KAProductions/status/1803049418460925987" target="_blank" rel="noopener nofollow">revealed</a> to followers on X. 
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 “Hopefully I’ll be able to buy back cheaper and won’t regret that move. I’m optimistic. Losing the 21, 50 and 100-Day moving averages are not exactly shining beacons of strength.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/b671617b-0cc5-4810-8d42-7029e59cb387.png" alt="" title="">
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 BTC/USD 1-day chart with 21, 50, 100 MA. Source: TradingView
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Next up for a retest, as <a href="https://cointelegraph.com/news/btc-price-risks-62k-bitcoin-sellers-return-exchanges">Cointelegraph reported</a>, was the short-term holder cost basis at just under $64,000 as of June 18.
“BTC approaching short-term holders’ cost basis around $63.8k, don’t want to see consecutive days closed below. Typically serves as a good line in the sand for trends,” William Clemente, co-founder of crypto research firm Reflexivity, <a href="https://x.com/WClementeIII/status/1803070012023849333" target="_blank" rel="noopener nofollow">wrote</a> in part of a commentary on the topic.
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 BTC/USD chart with short-term holder cost basis. Source: William Clemente/X
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Analyzing order book activity, popular trader Daan Crypto Trades warned that “spoofing” was rife, with large blocks of liquidity being posted and removed in a possible attempt to drive BTC price in a certain direction.
“A good bunch of those orders got filled,” he <a href="https://x.com/DaanCrypto/status/1803076784717464059/photo/1" target="_blank" rel="noopener nofollow">acknowledged</a> as BTC/USD headed lower after the Wall Street open.
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 BTC/USDT chart with order book liquidity. Source: Daan Crypto Trades/X
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<h2 data-ct-non-breakable="true" id="altcoins-lose-big-asbitcoin-sneezes">Altcoins lose big as&nbsp;Bitcoin “sneezes”</h2>
Updating Telegram channel subscribers, trading firm QCP Capital offered an alternative perspective on crypto market forces.&nbsp;
Related: <a href="https://cointelegraph.com/news/why-is-the-crypto-market-down-today">Why is the crypto market down today?</a>
Far from bad news, it suggested, Bitcoin and altcoins were suffering from a lack of news altogether.
“While BTC seems to have sneezed, alts seemed to have caught a cold as they drop 20-30% over the weekend,” it wrote.
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 “We attribute this weakness in majors to a lack of news flow. Boring markets usually shakes out weak hands, and nobody likes to pay 11% ann. to hold a long position in perps.”
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QCP thus suggested a wait-and-see approach to “boring” markets.
The total altcoin market cap traded down 7.5% on the day at $219.06 billion.
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 Total altcoin market cap 1-day chart. Source: TradingView
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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 analyst ‘optimistic’ of buying BTC lower as 3 trendlines fail

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