Bitcoin neared six-week lows on June 21, as traders cautioned that buyers were still absent.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $63,356 on Bitstamp, indicating another challenging day for Bitcoin’s price.
The cryptocurrency has declined 3.7% week-to-date and 5.75% in June overall, struggling to maintain the $64,000 level.
Skew, a popular trader, noted that although some buying interest was emerging at lower prices, consistent buying was necessary for a broader recovery.
“Potential LTF absorption going on here,” he updated on X. “A lot of shorting by looks of it & spot selling into price around the lows. Need to see buyers push for control to get a bounce.”
Skew also expressed concern about the “lack of real market participation,” attributing price movements to automated trading algorithms.
Roman, another trader, pointed out that Bitcoin seemed to be targeting $60,000 again as it was losing ground at $64,500.
He noted bullish divergences in the RSI and MACD indicators on four-hour timeframes, suggesting a potential rebound.
“Looks like price wants 60k once again as 1D is currently losing 64.5k.
“H4 has bull divs all over RSI/MACD so subject to change,” he wrote.
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Jelle, another trader, commented on Bitcoin’s RSI staying above 30 despite the price drop, calling it “interesting behavior.”
“Bitcoin failed to reclaim the range lows, and continues to bleed lower — while the RSI stays above the 30 level,” he added.
Bitcoin’s latest decline brought it to a critical bull market trendline, the short-term holder cost basis (STHCB), also known as realized price.
At $64,000, this level had provided support since the end of the 2022 bear market. Cointelegraph reported the significance of this event, with On-Chain College stating, “time for Bitcoin to battle.”
He observed, “A nice breakout above the STHCB now, with price at $64.2k and the STHCB at $64k. Let’s see how it interacts at this level throughout the day.”
Keith Alan, co-founder of Material Indicators, highlighted the 21-week simple moving average (SMA) at $63,074 as another critical point.
In his latest video update on X, he warned that order book liquidity was “relatively low” around this area.
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