Bitcoin (BTC) approached its lowest levels in six weeks on June 21 as traders cautioned that buyers had yet to intervene.
BTC/USD 1-hour chart. Source: TradingView
BTC price analysis: Bulls remain on the defensive
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached $63,356 on Bitstamp, down 3.7% for the week and 5.75% for the month of June. The pair struggled to gain traction even at the $64,000 level.
Analyzing the current market structure, well-known trader Skew acknowledged that there was some buyer interest returning at the lows, but sustained buying pressure would be necessary for a broader recovery.
In his latest update on X, Skew also bemoaned the “lack of real market participation,” with price being dictated by automated trading algorithms throughout the week.
“Looks like price wants to revisit $60,000 once again as the daily chart is currently losing $64,500. The four-hour chart is showing bullish divergences on the RSI/MACD, so this could change,” fellow trader Roman wrote in his own market analysis.
Roman referred to Bitcoin’s relative strength index (RSI) and Moving Average Convergence/Divergence (MACD) indicators on the four-hour timeframes, which could potentially set the stage for a rebound in BTC price.
BTC/USD chart with RSI data. Source: Jelle/X
“Bitcoin failed to reclaim the range lows and continues to decline, while the RSI remains above the 30 level,” trader Jelle commented on the matter, calling it “interesting behavior.”
Bitcoin finally tests its short-term holder cost basis
With its recent decline, Bitcoin reached and surpassed a key bullish trendline known as the short-term holder cost basis (STHCB), or realized price.
At $64,000, this level has already acted as support since the end of the 2022 bear market, as reported by Cointelegraph.
Market observers took note of this development, with commentator On-Chain College stating that it was “time for Bitcoin to battle.”
“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,” he added in ongoing analysis.
Bitcoin short-term holder cost basis. Source: On-Chain College/X
Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, highlighted the 21-week simple moving average (SMA) at $63,074 as another point of interest.
In his latest video update shared on X, he cautioned that order book liquidity was “relatively low” in that area.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making a decision.