Bitcoin

Material

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-price-drop-challenges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Price Drop Challenges</a><br></p>
<p style="text-align: justify">Bitcoin has struggled to find strong support, tumbling to $63,379 on June 21. Altcoins, which had already endured significant losses during the initial <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> shock, showed resilience, not declining as much in this second wave. As of now, BTC is trading at $64,160. The focus is now on what the <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> holds for the cryptocurrency market by the end of the month.</p>
<h2 id="bitcoin-s-recent-performance">Bitcoin’s Recent Performance</h2>
<p style="text-align: justify">On June 21, Bitcoin, the leading cryptocurrency, plummeted to its lowest in six weeks. Although altcoins are weak and are showing slight gains, recent sell-offs have pushed them back to their base supports. Bitcoin has seen a 3.7% dip over the week and a 5.75% decline in June, making it challenging to hold the $64,000 mark.</p>
<h2 id="what-are-analysts-predicting">What are Analysts Predicting?</h2>
<p style="text-align: justify">Prominent <a href="https://en.bitcoinhaber.net/market-watch-bitcoin-stays-strong-above-42000-as-altcoins-and-newcomers-show-resilience" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Skew remains optimistic, noting that lower prices are attracting buyers. However, he believes more is necessary for a genuine recovery, as significant futures liquidations have dampened bullish spirits. Another analyst, Roman, suggested that losing the $64,500 support could lead the price back to $60,000.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">– Monitor Bitcoin’s ability to reclaim lower levels, as noted by analyst Jelle.<br> – The short-term investor cost basis (STHCB) at $64,000 is a critical support zone.<br> – Pay attention to automated trading’s impact on weekend volumes.<br> – Material Indicators’ co-founder Keith Alan emphasizes the importance of the 21-week simple moving average at $63,074.</p>
<p style="text-align: justify">Crypto analyst Jelle expressed surprise at BTC’s failure to reclaim lower levels, mentioning its RSI remains above 30. He highlighted the short-term investor cost basis at $64,000 as a historical support level. On-Chain College remarked on this key level’s significance post-2022 bear market and expects a breakout above the STHCB.</p>
<p style="text-align: justify">Material Indicators’ co-founder Keith Alan pointed to the 21-week simple moving average’s lower level at $63,074 as crucial. If this threshold is breached, it may lead to intensified selling pressure.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-price-drop-challenges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Price Drop Challenges</a></h5>

Bitcoin Faces Price Drop Challenges

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