Bitcoin hit new one-month lows on June 18 after failing to sustain a push past $67,000.
Data from Cointelegraph Markets Pro and TradingView showed volatile BTC price conditions during the prior day’s Wall Street trading session.
Bitcoin reached local highs of $67,250, but momentum quickly stalled as sellers took over, driving the price down to $64,050 hours later.
This was the lowest level since May 15. Market observers shared little positive news in response.
“As we can see here the bounce was led by coinbase spot primarily and some buying from bitfinex,” explained popular trader Skew on X.
“Spot Binance spot still seeing sell pressure. I think $66K – $67K key area to gauge if there’s ongoing absorption else lower prices will come with price bleeding.”
Skew noted that sweeping lows like those seen recently are “not uncommon” behavior.
“Good sign here is spot premiums & pretty low funding,” he added, referring to current funding rates across exchanges.
Monitoring resource CoinGlass showed fluctuating liquidity conditions on BTC pairs after the latest lows. “Funding rates are slightly positive, showing bullish. Buy the dip,” the platform told X subscribers on the day.
Popular trader Credible Crypto discussed the potential for further price drops, pointing to a “dream” zone for going long BTC around $63,500.
However, the chances of this level becoming available were mixed.
READ MORE: Traders Warn Against Bitcoin Whale Watching: No ‘True Alpha’ Found
“Yes, we can still technically go lower into the ‘dream long’ zone below, but as I’ve previously said it would not surprise me to see that zone front run,” Credible Crypto commented, advising followers to “watch for a low timeframe impulse” move.
This area coincides with a key bull market support trendline noted by analysts like Checkmate, the lead on-chain analyst at Glassnode.
The short-term holder realized price (STH-RP), currently at $63,700, has traditionally supported BTC price action since the bull market began in early 2023.
Checkmate emphasized the importance of this level for sentiment.
“It is hard for me to be too scared of Bitcoin price action when unrealised losses look like this.
“It could deteriorate for sure…but it hasn’t yet,” he wrote alongside an explanatory chart.
As Cointelegraph continues to report, maintaining this level is crucial for market confidence.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
