Bitcoin has dropped to one-month lows, prompting traders to set new BTC price targets as concerns about falling below $60,000 grow.
On June 14, Bitcoin experienced a 3.5% dip, bringing BTC/USD to $64,950 on Bitstamp.
This move extended the week-to-date losses to over 6.7%, marking the lowest levels since mid-May, according to data from Cointelegraph Markets Pro and TradingView.
“Bitcoin just lost technical support at the 50-Day Moving Average,” stated Keith Alan, co-founder of Material Indicators, in his market coverage on X.
“If bulls lose support at $65k, be prepared for $60k or lower.”
Despite $65,000 holding, some traders are identifying potential areas for a short-term BTC price floor as new all-time highs seem less likely.
Axel Adler Jr., a contributor to CryptoQuant, highlighted that hodlers’ cost bases are set to face a market test.
These levels, also known as realized prices, indicate the aggregate buy-in price for investors holding coins for various durations.
Short-term holders (STHs), who hold BTC for up to 155 days, are of particular interest.
Their cost basis, which has supported the bull market almost flawlessly since early 2023, is currently $62,200, according to CryptoQuant.
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Another group, those holding for three to six months, have a realized price of $55,500, while long-term holders, known as “diamond hands,” have a cost basis of $24,300.
“How long the correction might last will be determined by the market, but in previous cycles, similar situations lasted from 65 to 371 days,” Adler remarked.
Previously, Cointelegraph reported concerns that $60,000 might reappear on the BTC/USD chart, with even this level potentially not holding as support.
If this scenario occurs, veteran trader Peter Brandt warned that the path to as low as $48,000 could open up.
Meanwhile, some traders are focusing on shorter-term areas based on exchange order book activity. On June 15, popular trader Skew pointed out increasing bid liquidity around $62,000.
“Looks like the bid wall around $65K did get partially front run here.
“There’s noticeably a large gap between bids and asks here,” Skew observed about Binance’s landscape.
He noted significant ask liquidity around $70K, suggesting potential for an illiquid squeeze and fresh bid liquidity around $63K – $62K, with the bulk of demand around $60K if $65K is lost.
CoinGlass data shows increasing liquidity at $64,900, just below the intraday lows, at the time of writing.
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