July 24, 2024
Bitcoin Price is $65,183, Drops to 1-Month Low Today
Bitcoin price today

Bitcoin Price is $65,183, Drops to 1-Month Low Today

Tuesday, June 18, 2024: Bitcoin Price Today is $65,183. Bitcoin experienced fresh one-month lows at $64,050, as an attempt to surge past $67,000 proved unsustainable. Data from TradingView captured the volatile Bitcoin price conditions during the prior day’s Wall Street trading session.

Source: TradingView

This led to a local high of $67,250, but the momentum quickly fizzled out as sellers took control, driving Bitcoin down to $64,050 just hours later. This marked the lowest level since May 15, leaving market observers with little positive news to share.

“As we can see here the bounce was led by coinbase spot primarily and some buying from bitfinex,” popular trader Skew explained in market coverage on X.

“Spot Binance spot still seeing sell pressure. I think $66K – $67K key area to gauge if there’s ongoing absorption else lower prices will come with price bleeding.”

BTC/USDT order book changes on Binance. Source: Skew

Market Reactions and Analysis

Popular trader Skew highlighted in market coverage on X that the bounce was primarily led by Coinbase spot buying and some activity from Bitfinex. Skew noted that such sweeping lows were “not uncommon” behavior in the market. He added, “Good sign here is spot premiums & pretty low funding,” referring to the current funding rates across exchanges.

CoinGlass data showed fluctuating liquidity conditions on BTC pairs following the latest lows. “Funding rates are slightly positive, showing bullish. Buy the dip,” the platform advised its X subscribers.

BTC liquidation heatmap (screenshot). Source: CoinGlass

Future Predictions and Key Levels

Trader Credible Crypto identified a “dream” zone for going long on BTC starting around $63,500. However, the likelihood of this zone becoming available for purchase was uncertain. Credible Crypto mentioned, “Yes, we can still technically go lower into the ‘dream long’ zone below, but as I’ve previously said it would not surprise me to see that zone front run,” urging followers to “watch for a low timeframe impulse” move.

This potential buy zone aligns with a key bull market support trendline currently monitored by analysts, including Checkmate, the lead on-chain analyst at Glassnode. The short-term holder realized price (STH-RP), presently at $63,700, has historically supported Bitcoin price action since the bull market began at the start of 2023.

Checkmate emphasized the significance of maintaining this level for market sentiment. He remarked, “It is hard for me to be too scared of Bitcoin price action when unrealized losses look like this. It could deteriorate for sure…but it hasn’t yet,” accompanied by an explanatory chart.

Bitcoin’s relative unrealized profit/loss. Source: Checkmate

The ongoing reports indicate that maintaining this key level is vital for determining the market’s direction and sentiment.

Image by Eivind Pedersen from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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