Bitcoin fell below $67,000 before the opening of Wall Street on June 11, as markets experienced a typical drop in anticipation of the inflation report.
BTC/USD 4-hour chart. Source: TradingView
The decline in Bitcoin’s price to $66,696 on Bitstamp marked the lowest point of the month so far. Despite a continuous drop for nearly 24 hours, Bitcoin was unable to reverse the trend as investors braced for a flood of US macroeconomic data and Federal Reserve comments.
With a 3.6% decrease on the day, BTC/USD faced various lower targets from traders, with some pointing towards $60,000. Popular trader Roman hinted at entering long positions if a reversal occurred, while Castillo Trading identified a potential buy zone around $64,000.
BTC/USD chart. Source: Castillo Trading
Despite the downward trend, some traders urged caution and highlighted the consolidation of Bitcoin below all-time highs for almost three months. Trader Jelle noted the ongoing rangebound price action, emphasizing the need for patience.
BTC/USD chart. Source: Scott Melker
Trader and analyst Scott Melker dismissed the recent price movement as insignificant, stating that Bitcoin was still trading within a predictable range. He highlighted the high open interest on derivatives markets, which reached new all-time highs in June, surpassing $37.6 billion and indicating potential price volatility.
Bitcoin futures open interest (screenshot). Source: CoinGlass
For Filbfilb, the increased open interest posed a high-risk scenario, with a potential worst-case scenario for BTC/USD involving a drop to $45,000. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.