Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) neared six-week lows on June 21 as traders warned that buyers had yet to step in.
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-analysis-bulls-remain-on-back-foot">BTC price analysis: Bulls remain on back foot</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> tracked another day of problematic BTC price action as BTC/USD hit $63,356 on Bitstamp.
Down 3.7% week-to-date and 5.75% in June overall, the pair struggled to find acceptance even at the $64,000 mark.
Analyzing the current market structure, popular trader Skew acknowledged that some buyer interest was returning at the lows, but sustained bidding would be needed to fuel a broader recovery.
“Potential LTF absorption going on here,” he wrote in his <a href="https://x.com/52kskew/status/1804156322520404079" target="_blank" rel="noopener nofollow">latest update</a> on X.
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 “A lot of shorting by looks of it &amp; spot selling into price around the lows. Need to see buyers push for control to get a bounce.”
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 Bitcoin market data. Source: Skew/X
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Skew also lamented a “lack of real market participation,” with price at the mercy of automated trading algorithms throughout the week.
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 Source: <a href="https://x.com/52kskew/status/1804125050683167103" target="_blank" rel="noopener nofollow">Skew</a>
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“Looks like price wants 60k once again as 1D is currently losing 64.5k. H4 has bull divs all over RSI/MACD so subject to change,” fellow trader Roman <a href="https://x.com/Roman_Trading/status/1804100584892699033" target="_blank" rel="noopener nofollow">wrote</a> in part of his own market coverage on the day.
Roman referred to Bitcoin’s relative strength index (RSI) and Moving Average Convergence/Divergence indicators on four-hour timeframes, potentially setting up a springboard for a BTC price rebound.
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 BTC/USD chart with RSI data. Source: Jelle/X
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“Bitcoin failed to reclaim the range lows, and continues to bleed lower -- while the RSI stays above the 30 level,” trader Jelle <a href="https://x.com/CryptoJelleNL/status/1804139149689077958" target="_blank" rel="noopener nofollow">added</a> on the topic, calling it “interesting behavior.”
<h2 id="bitcoin-finally-attacks-its-short-term-holder-cost-basis">Bitcoin finally attacks its short-term holder cost basis</h2>
With its latest dive, Bitcoin reached and crossed a key bull market trendline in the form of the short-term holder cost basis (STHCB), also known as realized price.
Related:&nbsp;<a href="https://cointelegraph.com/news/6-months-sideways-bitcoin-price-action-mimics-2023-lull">6 months of sideways? Bitcoin price action mimics 2023 lull</a>
At $64,000, this has acted as support already unchallenged since the end of the 2022 bear market, <a href="https://cointelegraph.com/news/bitcoin-price-uptrend-intact-hodlers-120-profit-research">Cointelegraph reported</a>.
The event was not lost on market observers, with commentator On-Chain College <a href="https://x.com/OnChainCollege/status/1804135758569083200" target="_blank" rel="noopener nofollow">reacting</a> that it was “time for Bitcoin to battle.”
“A nice breakout above the STHCB now, with price at $64.2k and the STHCB at $64k. Let’s see how it interacts at this level throughout the day,” he <a href="https://x.com/OnChainCollege/status/1804166038503686438" target="_blank" rel="noopener nofollow">added</a> in ongoing X coverage.
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 Bitcoin short-term holder cost basis. Source: On-Chain College/X
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Keith Alan, co-founder of trading resource Material Indicators, meanwhile, flagged the 21-week simple moving average (SMA) at $63,074 as another point of interest.
In his latest&nbsp;<a href="https://x.com/KAProductions/status/1804176255702700079" target="_blank" rel="noopener nofollow">video</a>&nbsp;update&nbsp;shared on X, he nonetheless cautioned that order book liquidity was “relatively low” around that area.
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 BTC/USD 1-week chart with 21SMA. 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.

Watch these BTC price support levels as Bitcoin tumbles below $64K

Съдържание

Cointelegraph

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