Bitcoin (BTC) struggled to surpass the $65,000 mark following the Wall Street opening on June 18, leading analysts to anticipate a further decline in BTC price.
BTC/USD 1-hour chart showed that moving averages began to falter as the BTC price dropped below $65,000. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was finding it challenging to hold support near crucial trendlines. The cryptocurrency lost an additional 3% in value on that day, marking a downward trend that has resulted in losses of up to $7,900 since June 9.
Various support levels were now being closely monitored by market participants, who expressed concerns that these levels lacked conviction in the current market conditions. Keith Alan, the co-founder of trading resource Material Indicators, pointed out that multiple moving averages (MAs) had become problematic after the spot price slipped below them. He shared with his followers on X that a trailing stop loss he had set was triggered as Bitcoin experienced a dip to $64,000 the previous night.
The next target for a retest, as previously reported by Cointelegraph, was the short-term holder cost basis, which was just under $64,000 as of June 18. William Clemente, the co-founder of crypto research firm Reflexivity, emphasized the importance of BTC not closing below this level for consecutive days as it often acts as a significant indicator for trends.
Analyzing order book activity, trader Daan Crypto Trades warned about the prevalence of “spoofing,” where large blocks of liquidity were being posted and removed in an effort to manipulate the BTC price in a specific direction. He noted that many of these orders were being executed as BTC/USD declined after the Wall Street opening.
Altcoins also suffered significant losses as Bitcoin experienced a decline. QCP Capital, a trading firm, offered a different perspective on the market forces, suggesting that the lack of news was the reason behind the downturn in both Bitcoin and altcoins. While BTC appeared to be struggling, altcoins saw a substantial drop of 20-30% over the weekend.
QCP advised a cautious approach in such “boring” markets and recommended a wait-and-see strategy. The total altcoin market cap was down 7.5% on the day, trading at $219.06 billion.
It’s important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers are advised to conduct their own research before making any decisions.