Bitcoin (BTC) was unable to surpass the $65,000 mark following the opening of Wall Street on June 18, as analysts foresaw a further decline in BTC price.
BTC/USD 1-hour chart displayed a drop in moving averages as the price fell below $65,000. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD struggled to hold onto support near important trendlines. The cryptocurrency lost another 3% on the day, continuing a downtrend that has led to losses of up to $7,900 since June 9.
Market participants began to express concerns about the lack of conviction in various support levels under the current conditions. Keith Alan, the co-founder of trading resource Material Indicators, pointed out that multiple moving averages were now causing problems after the spot price slipped through them. He shared with his followers on X (previously Twitter) that he had set a trailing stop loss to protect profits in case of a Bitcoin dump, which occurred when the price hit $64,000.
On the 1-day chart with 21, 50, and 100 MA, BTC/USD was expected to retest the short-term holder cost basis of just under $64,000 as of June 18. William Clemente, the co-founder of crypto research firm Reflexivity, emphasized the significance of this level for trend analysis.
Analyzing order book activity, trader Daan Crypto Trades warned of “spoofing” tactics being used to manipulate BTC price in a specific direction. As BTC/USD dropped after the Wall Street open, he acknowledged that many of these orders were filled.
Altcoins also suffered losses as Bitcoin experienced a downturn. Trading firm QCP Capital offered a different perspective, suggesting that the market was experiencing a lack of news rather than negative news. As a result, they recommended a wait-and-see approach in these “boring” markets. The total altcoin market cap decreased by 7.5% to $219.06 billion.
It is important to note that this article does not provide investment advice or recommendations. All investment decisions involve risks, and readers are advised to conduct their own research before making any decisions.