Bitcoin (BTC) struggled to surpass the $65,000 mark following the opening of Wall Street on June 18, with analysts foreseeing a further decline in BTC price.
The BTC/USD 1-hour chart showed a decline in moving averages as the price dropped below $65,000. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was finding it challenging to hold onto key trendlines.
BTC lost another 3% on the day, extending a downward trend that has led to losses of up to $7,900 since June 9. Market participants expressed concerns about the lack of strong support levels given the current market conditions.
Keith Alan, co-founder of trading resource Material Indicators, highlighted the issue with multiple moving averages (MAs) as the spot price fell below them. He shared with followers on X (formerly Twitter) that he had set a trailing stop loss to protect profits, which was triggered when the price dropped to $64,000.
According to a report by Cointelegraph, the next level for BTC to retest was the short-term holder cost basis at just under $64,000 as of June 18. William Clemente, co-founder of crypto research firm Reflexivity, emphasized the importance of this level as a potential trend indicator.
Analyzing order book activity, trader Daan Crypto Trades warned about the prevalence of “spoofing,” where large blocks of liquidity are posted and removed to influence the BTC price. He noted that many of these orders were executed as BTC/USD dropped after the Wall Street open.
Altcoins also faced losses as Bitcoin experienced a decline. QCP Capital, in an update to Telegram channel subscribers, suggested that the market was lacking significant news, causing both Bitcoin and altcoins to suffer. The total altcoin market cap decreased by 7.5% to $219.06 billion.
This article is for informational purposes only and does not provide investment advice. Readers should conduct their own research before making any investment decisions, as all investments involve risks.