Bitcoin (BTC) was unable to surpass the $65,000 mark following the opening of Wall Street on June 18, with analysts anticipating a further decline in BTC price.
The 1-hour BTC/USD chart showed a decrease in moving averages as the price fell below $65,000. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was struggling to maintain support near crucial trendlines. The cryptocurrency lost 3% in a day, adding up to $7,900 in losses since June 9.
With multiple support levels in focus, market participants began to express concerns about the lack of conviction in the current market conditions. Keith Alan, co-founder of trading resource Material Indicators, highlighted the issue with multiple moving averages (MAs) after the spot price slipped through them. He shared his experience of setting a trailing stop loss to protect profits, which was triggered when the price dropped to $64,000.
The next area to be tested, as reported by Cointelegraph, was the short-term holder cost basis just below $64,000 on June 18. William Clemente, co-founder of crypto research firm Reflexivity, emphasized the importance of this level as a potential turning point for trends.
Analyzing the order book activity, trader Daan Crypto Trades cautioned about “spoofing” in the market, where large blocks of liquidity were posted and removed to influence the BTC price movement.
Meanwhile, altcoins suffered significant losses as Bitcoin experienced a downturn. QCP Capital, a trading firm, suggested that the market was reacting to a lack of news rather than negative developments. The total altcoin market cap decreased by 7.5% to $219.06 billion.
In conclusion, this article does not provide investment advice. Readers are advised to conduct their research before making any investment decisions.