Bitcoin

when

Material

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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/96318644-27a6-4dec-91d1-4549fc7cfad8.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<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.
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/491824cc-a595-4b8f-bc44-4d77130ed78b.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin market data. Source: Skew/X
 </figcaption>
</figure>
Skew also lamented a “lack of real market participation,” with price at the mercy of automated trading algorithms throughout the week.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/bb3ffc08-add6-4705-a174-6c4014c9b217.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/52kskew/status/1804125050683167103" target="_blank" rel="noopener nofollow">Skew</a>
 </figcaption>
</figure>
“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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/7d12f987-e493-475d-a1ba-97f3e64754b2.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with RSI data. Source: Jelle/X
 </figcaption>
</figure>
“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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/95406d4d-980b-44e2-9342-2d07397b9990.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin short-term holder cost basis. Source: On-Chain College/X
 </figcaption>
</figure>
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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/000d5e75-b3a2-4706-8d02-a3298f161c09.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart with 21SMA. Source: TradingView
 </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.

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

Table of Contents

Cointelegraph

Muita 21. kesäk. 2024 julkaistuja artikkeleja

Market Expert Who Rode Solana to Success in 2023 Identifies Five Altcoins with 55x Potential

Influencers Propel BlockDAG To $52.5M, Outshining Uniswap & Ethereum Classic

How to growth hack Web3 marketing like an OG

Memereum Sells Over 1M Tokens Within Hours on Presale While Markets Rebound

BEVM Launches Ethereum Asset Bridge with OP Stack and WBTC Integration

Here’s When Bitcoin (BTC) Price Recovery Will Start This Year

Join our free newsletter for daily crypto updates!