Bitcoin (BTC) approached its lowest point in six weeks on June 21, with traders cautioning about the absence of buying interest.
BTC/USD 1-hour chart. Source: TradingView
BTC price analysis: Bulls struggle
Data from Cointelegraph Markets Pro and TradingView highlighted another challenging day for BTC, as BTC/USD dropped to $63,356 on Bitstamp. The pair declined by 3.7% week-to-date and 5.75% for the month of June, struggling to maintain levels even at $64,000.
Assessing the current market conditions, prominent trader Skew noted a slight return of buyer interest at the lows, though sustained buying activity would be necessary for a broader recovery.
“In this latest update on X, there appears to be potential LTF absorption,” Skew commented.
Bitcoin market data. Source: Skew/X
Skew also expressed concern about the “lack of genuine market participation,” with prices heavily influenced by automated trading algorithms throughout the week.
“Price seems poised to test $60,000 once more, as the daily chart is losing support at $64,500. The four-hour chart shows bullish divergences across RSI/MACD, subject to change,” noted trader Roman in his market coverage.
BTC/USD chart with RSI data. Source: Jelle/X
“Bitcoin has failed to reclaim its range lows and continues to trend downward, while the RSI remains above the 30 level,” trader Jelle added, describing this behavior as “intriguing.”
Bitcoin tests short-term holder cost basis
Bitcoin’s recent decline saw it touch and surpass a crucial bull market trendline known as the short-term holder cost basis (STHCB), also referred to as the realized price.
Related: 6 months of sideways? Bitcoin price action mirrors 2023 lull
According to Cointelegraph, this support around $64,000 has held since the end of the 2022 bear market.
This development didn’t go unnoticed by market observers, with On-Chain College stating that “Bitcoin is gearing up for a battle.”
“On-Chain College/X” Bitcoin short-term holder cost basis. Source: On-Chain College/X
Keith Alan, co-founder of trading resource Material Indicators, highlighted another notable point of interest at the 21-week simple moving average (SMA) of $63,074.
“While liquidity on the order book around this area is relatively low, it’s an important level to watch,” he added in his latest video update shared on X.
BTC/USD 1-week chart with 21SMA. Source: TradingView
This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.