Bitcoin returned to hover around $67,500 on June 12 after a broad sell-off in the cryptocurrency market led to significant exchange withdrawals.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action steadied as markets prepared for upcoming U.S. macroeconomic events.
Bitcoin had dropped to $66,000 the previous day, triggering long liquidations amounting to over $50 million, according to monitoring resource CoinGlass.
These events followed a familiar pattern seen before Federal Reserve meetings on interest rates, with the latest meeting and the May Consumer Price Index (CPI) release both scheduled for the day.
Reacting to this, many traders noted the typical BTC price behavior, noting that BTC/USD was positioned at a crucial resistance point just below all-time highs.
“Same accounts on CT start calling for higher.
“Saying 100k is programmed.
“Saying we’re gonna break out and leave the bears behind.
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“When the fact is that $BTC has just been trading in a range for 3 months,” popular trader Follis summarized in a post on X.
As Cointelegraph reported, some analysts anticipated further downside towards $60,000 if market bid dynamics remained unchanged.
At the time of writing, CoinGlass data indicated liquidity building around $65,700 on the downside, with $67,700 emerging as the primary resistance level to surpass.
“History prevails,” popular trader and analyst Rekt Capital stated, comparing this BTC price cycle to previous ones. “Bitcoin was not able to breakout this early in the Post-Halving period, as history suggested.”
On-chain data also highlighted ongoing exchange withdrawals, with Coinbase, the largest U.S. exchange, particularly notable.
The total BTC balance on Coinbase Pro decreased by 14,420 BTC ($972 million) in the 24 hours up to the time of writing, continuing a trend of declining exchange balances previously reported by Cointelegraph in early June.
In the 30 days leading up to June 12, Coinbase saw a reduction of over 38,000 BTC, with overall exchange balances reaching their lowest point in seven years.
On-chain analytics platform Glassnode reported the net transfer volume from exchanges on June 11 at 17,967 BTC ($1.21 billion).
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