Bitcoin experienced a drop to its lowest levels in a month on June 18, failing to maintain momentum after briefly surpassing $67,000.
During the Wall Street trading session, BTC prices fluctuated, hitting a peak of $67,250 before plummeting to $64,050 as sellers regained control.
Market analysts observed the lack of positive developments, noting that the bounce was primarily driven by trading on Coinbase and Bitfinex.
Despite the recent volatility, experts pointed out that such extreme price fluctuations were not unusual in the current market environment.
Monitoring tools indicated fluctuating liquidity conditions and slightly positive funding rates on BTC pairs after the price drop.
Some analysts suggested that the price could potentially go even lower, with one popular trader identifying a favorable buying zone starting around $63,500.
Short-term holders of Bitcoin were nearing the breakeven point, with the current support trendline being closely monitored by analysts for potential market sentiment shifts.
Checkmate, an on-chain analyst at Glassnode, highlighted the importance of the short-term holder realized price (STH-RP) in influencing BTC price movements.
While uncertainties remain, experts remain cautiously optimistic about the future price action of Bitcoin, emphasizing the need for individual research and risk management when making investment decisions.
Bitcoin price hits new 1month low of 64K Time to buy the dip