Bitcoin continued its decline as the Wall Street opened on June 17, with bulls failing to make a comeback.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) dropped to $65,066 on Bitstamp, reaching levels not seen since June 14.
Despite a slight uptrend over the weekend, the momentum did not last through the first Asia trading session of the week, with U.S. markets also showing a lackluster performance.
Traders are closely watching for Bitcoin to form a higher low to avoid a potential drop to $62,000, as highlighted by popular trader Jelle on social media.
Various support levels are being monitored, with the possibility of the price extending down to $60,000 if current levels fail to hold.
$65,000 is a key level to watch in terms of liquidity, as pointed out by fellow traders who also noted $67,300 as a level that could potentially turn into support for those looking to go long on BTC.
Exchanges have reported an increase in Bitcoin inflows in response to the recent price movements, with on-chain analytics platform CryptoQuant noting that coins that have been dormant for three to six months or longer are being moved to exchanges, potentially creating selling pressure.
As always, readers should conduct their own research before making any investment decisions, as trading and investing in cryptocurrencies involve risks.