Bitcoin experienced a drop to new one-month lows on June 18 after failing to break past $67,000. The price of BTC fell to $64,050 as sellers took control following a brief spike to $67,250 during the Wall Street trading session. Market observers noted that the bounce was led by Coinbase spot trading and some buying from Bitfinex.
Despite the recent volatility, popular trader Skew mentioned that sweeping lows were not uncommon behavior in the market. He pointed out positive spot premiums and low funding rates across exchanges as a good sign. Data from CoinGlass indicated fluctuating liquidity conditions on BTC pairs after the recent price drop.
While some analysts suggested that the price could potentially drop further, others highlighted key support levels for Bitcoin. Credible Crypto mentioned a “dream” zone for buying BTC starting at around $63,500, but noted that the likelihood of reaching that zone was uncertain.
Short-term holders of Bitcoin were near the breakeven point, with the short-term holder realized price (STH-RP) at $63,700 serving as a key support level. Glassnode’s lead on-chain analyst, Checkmate, emphasized the importance of maintaining this level for bullish sentiment. He highlighted the relative unrealized profit/loss chart to support his analysis.
As always, it is important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research before making any investment decisions.