June 16, 2024
Bitcoin Price is $66,772, Analysts Still Hopeful for Rebound
Bitcoin price today

Bitcoin Price is $66,772, Analysts Still Hopeful for Rebound

Tuesday, June 11, 2024: Bitcoin Price Today is $66,772, experienced a significant dip during the June 11 Asia trading session, trading below $68,000. Data from TradingView highlighted a 3% decline, with Bitcoin (BTC) reaching lows of $67,320 on Bitstamp following the daily close. This downward movement occurred as Bitcoin bulls struggled to maintain support at the crucial $69,000 level, facing challenges due to thin exchange order book liquidity.

BTC/USD 1-hour chart. Source: TradingView

Warnings of Further BTC Price Losses and Lack of Bid Support

Keith Alan, co-founder of Material Indicators, had previously cautioned that insufficient bids could signal weakened Bitcoin price strength. He stated, “Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it, and really, it’s not even heavy down to $60,000 if I can be completely honest,” during his latest YouTube update.

BTC/USDT liquidity heatmap. Source: Material Indicators

An accompanying chart illustrated order book liquidity for the BTC/USDT pair on Binance, the largest global crypto exchange. Following the price drop, Material Indicators posted on X, noting that Bitcoin had formally rejected $69,000 as support and had also fallen below the 21-day moving average, a key short-term trendline. The post read, “Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated.”

“This move isn’t over. In fact I expect these killer whale games to continue up to and through JPow’s comments on Wednesday and economic reports on Thursday.”

Potential Volatility Catalysts and Market Analysis

The week’s primary potential volatility drivers for Bitcoin and the broader crypto market include United States macroeconomic data — specifically the Consumer Price Index (CPI) and Producer Price Index (PPI) — along with the Federal Reserve’s latest interest rate decision and the accompanying press conference by Chair Jerome Powell. Popular trader Skew commented on this, stating, “So far CPI/PPI has been around the highs of this range & FOMC resulting in local lows.”

“Interesting few days ahead.”

BTC/USD chart. Source: Skew

In his market analysis, trader and commentator Credible Crypto suggested that the current downtrend might not lead to a drastic drop to $60,000. He noted that liquidity is being added and withdrawn from the market by large-volume traders, which could prevent Bitcoin from falling below $65,000.

Credible Crypto summarized to his X subscribers, “We continue to see spot absorption on each and every move down, even on lower timeframes.” He also observed that overhead resistance at $72,000 was “pulled immediately” once Bitcoin began to reverse. He concluded, “What are the odds we front-run range lows and 62-65k and just reverse from here? I think they are decent.”

“No guarantees of course, but we will know soon enough with developing PA over the next 24 or so hours.”

BTC/USD chart. Source: Credible Crypto

Overall, the Bitcoin market is closely monitoring these developments, with traders and analysts weighing the potential impacts of macroeconomic data and market liquidity on Bitcoin price movements.

Image by Eglantine Shala 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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