Bitcoin continued its decline as the Wall Street market opened on June 17, with bulls unable to stage a comeback.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) fell to $65,066 on Bitstamp, nearly reaching the one-month low set on June 14. Despite a slight uptick over the weekend, the momentum did not carry into the new week, with U.S. markets reflecting a lackluster sentiment.
Trader Jelle expressed concern about Bitcoin forming a higher low, suggesting that $62,000 could be the next target. Support levels were being closely monitored, with $60,000 being a key level to watch, and the possibility of testing multi-month lows if it fails to hold.
The $65,000 level was a focal point for liquidity after the breakdown of $66,000. Trader Daan Crypto Trades highlighted the importance of liquidity levels and how they can act as magnets for price movements.
Meanwhile, trader Crypto Tony pointed out $67,300 as a crucial level to flip to support for those looking to go long on BTC. An inverse head and shoulders pattern on the chart provided a glimmer of hope for a potential reversal.
Exchanges witnessed an increase in Bitcoin inflows, as noted by on-chain analytics platform CryptoQuant. Coins that had not moved for three to six months, as well as those dormant for up to a year, were being closely watched for potential selling pressure.
This analysis is not intended as investment advice. Readers are advised to conduct their own research and exercise caution when making trading decisions.