Published
6 months ago on
June 12, 2024
Bitcoin fell below $67,000 as the Wall Street market opened on June 11, experiencing a classic pre-inflation report downturn.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached new local lows of $66,696 on Bitstamp, marking its worst performance of the month.
After nearly 24 hours of continuous decline, Bitcoin could not reverse the trend, with risk assets bracing for a flood of U.S. macroeconomic data and Federal Reserve commentary.
BTC/USD was down 3.6% on the day, with traders targeting further declines potentially reaching $60,000.
“Getting closer to support.
“Will be looking to enter longs if a reversal presents itself,” popular trader Roman informed his subscribers on X.
“Ultimately I’ve been eyeing the 67k support for over a week so it’s about time we’re getting close.”
Another trader, Castillo Trading, agreed but focused on a slightly lower buy zone around $64,000.
“We knew some downside was possible on $BTC. Was hard to open up fresh longs above $70,000.
“Now, we are getting into an area I am more willing and comfortable looking to add,” stated a post on X.
Others advised calm amid the overall range-bound price action, noting that Bitcoin has been consolidating below all-time highs for nearly three months.
“Week 15 of chopping below the current all-time highs,” popular trader Jelle observed.
“We’re off to a red start this week, pushing back into the key support level at $67,500.
“May be uncomfortable, but nothing has changed.
“Don’t get shaken out.”
Trader, analyst, and podcast host Scott Melker called the recent price action “much ado about nothing.”
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“Decent drop today, but simply testing support at the range EQ – still trading in the top half of the range.
“3 months into the predictable chop that comes with this part of the cycle,” he explained.
A note of caution was issued by market observers monitoring open interest (OI) on derivatives markets.
OI reached new all-time highs in June, surpassing $37.6 billion, which traditionally signals potential BTC price volatility.
Bitcoin futures OI fell as the price retreated, according to CoinGlass data, but remained above $35 billion.
Filbfilb, co-founder of trading suite DecenTrader, summarized, “Price flat, OI up $1.5bn. High-risk situation.”
Filbfilb also presented a “worst-case scenario” for BTC/USD, suggesting downside wicks could reach as low as $45,000.
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