Bitcoin Faces $62K Dip as Sellers Return
Bitcoin continued its downward trend as Wall Street opened on June 17. Despite efforts to rally, bulls were unable to turn the market around. With the price close to one-month lows seen on June 14, Bitcoin (BTC) dropped to $65,066 on the Bitstamp exchange.
Over the weekend, Bitcoin exhibited a modest rise. This momentum did not carry over to the first trading session in Asia for the week. The United States markets also showed little enthusiasm, adding to the bearish sentiment. Popular trader Jelle remarked on social media platform X, formerly known as Twitter, that Bitcoin needs to form a higher low at this juncture, or it might test the $62,000 level. He mused, “Red Monday, green week?” reflecting hopes for a potential recovery.
Support level discussions centered around the $60,000 mark. Traders eyed various critical levels, suspecting that a fail at $60,000 could lead to new multi-month lows. The $65,000 level became a major point of interest regarding liquidity, especially after the $66,000 support level crumbled. Trader Daan Crypto Trades noted the significance of these levels, explaining their magnet-like effect when prices trade close by.
Another trader, Crypto Tony, identified $67,300 as an important level to reclaim as support for those considering long positions in Bitcoin. An accompanying chart illustrated an inverse head and shoulders pattern, which could signal a reason for optimism if a local low had been reached.
On-chain analytics platform CryptoQuant observed an increase in Bitcoin being moved to exchanges. Analyzing these movements, they identified that coins which had last moved between three to six months ago, and some dormant for up to a year, were hitting exchanges. Contributor XBTManager reported that 40% of the Bitcoins sent were last moved in the three to six-month range, while 20% were in the six to twelve-month range.
This shift in coins hitting the exchanges is worrisome as it creates selling pressure. XBTManager in a market update noted that this could lead to increased pressure to sell following any slight rise in price. This behavior typically results in another decline, possibly leading to a free-fall scenario.
Bitcoin’s price movements have been largely pessimistic, with multiple levels of support under threat. The community remains hopeful for a turnaround but remains cautious with liquidity levels and exchange inflows suggesting potential further declines. As market dynamics shift rapidly, traders and investors are closely monitoring support and resistance levels, seeking signs of either stabilization or further decline.
The narrative in the crypto market is one of caution and anticipation, with the potential for both short-term gains and long-term setbacks. The behavior of coin holders and the liquidity landscape will likely continue to play a crucial role in shaping Bitcoin’s near-term future.
32 thoughts on “Bitcoin Faces $62K Dip as Sellers Return”
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The inverse head and shoulders pattern could be our beacon of hope! 🤞📊
The market indicators are so unpredictable lately. Im tired of all these false hopes.
The $60,000 support level is crucial, and if we fail there, things could spiral out of control.
Jelle’s thoughts give me hope. Red Monday, green week? Lets see!
The crypto journey is a roller coaster, but I’m strapped in!
Hoping for the best! Bitcoin has always bounced back stronger. 📈🙏
Crypto Tony and Daan provide great levels to watch. Caution and optimism balance!
Love seeing the community come together during these times. A recovery is always possible! 🚀✨
If Bitcoin falls below $60,000, we might kiss any short-term recovery goodbye. Not looking good.
Bitcoin might be down, but it’s never out! Ready for the comeback!
Bitcoin’s long-term potential keeps me here. Trusting the process.
Another dip, more market uncertainties. It’s hard to stay optimistic with the current trend.
More coins hitting the exchanges from long-term holders isn’t reassuring. Could this get any worse?
Traders like Jelle and Crypto Tony keep highlighting crucial levels, but nothing seems to stick. More bearishness ahead?
CryptoQuant’s insights always add depth to my understanding.
Resilient community and robust discussions, that’s what I love about crypto!
Another week, another chance for a BTC rally. Let’s bring it on!
Watching the $67,300 level. Could be the sign we need for a rally!
Markets are unpredictable, but the long-term outlook for BTC is still promising. 🌟💼
The market update is insightful. Staying informed is key!
Movement of old coins to exchanges is interesting. Keeping an eye out!
Come on! All these bearish trends are getting really frustrating. When will we see some positive momentum?
Challenging times mold stronger hodlers. Holding onto my Bitcoin!
Bitcoin history proves it’s tough. Excited for the turnaround!
What a letdown! Wall Street opening didn’t help at all. BTC is under real pressure.
Crypto markets can be wild, but I’m here for the ride!
So close to one-month lows again. I’m starting to lose faith in a quick recovery.
Despite the bearish trend, I’m optimistic about Bitcoin’s future! 🌟
Even in a downturn, there’s always a silver lining. Holding on! 🌈💪
The slight rise over the weekend was really misleading. Back to square one, I guess.
Red Monday, seriously? Looks like another rough week ahead for Bitcoin.
Seeing more Bitcoin hitting exchanges is a bad sign. Here comes more selling pressure. We dont need this now!