Bitcoin Rebounds: Key BTC Price Levels to Watch
Bitcoin has recently dropped to its lowest level in a month, and traders are eagerly setting their price targets, predicting a possible dip below $60,000. As concerns about a price decline grow, the cost basis of various groups of Bitcoin holders is becoming increasingly significant. The aggregate buying prices of these holders—referred to as hodlers—are now key points of interest.
Recently, Bitcoin (BTC) took a surprising 3.5% dip, bringing BTC/USD down to $64,950 on the exchange Bitstamp. This move followed an existing trend of weakness, resulting in a week-to-date loss of more than 6.7% and pushing the price to its lowest point since mid-May, according to data from Markets Pro and TradingView.
Keith Alan, co-founder of the trading resource Material Indicators, highlighted that Bitcoin has lost technical support at the 50-Day Moving Average. He warned that if the bulls fail to maintain support at $65,000, traders should prepare for the price to fall to $60,000 or even lower. Although the $65,000 mark managed to hold for now, many are looking for potential near-term price floors as the possibility of new all-time highs seems increasingly unlikely.
Axel Adler Jr., a contributor to the on-chain analytics platform CryptoQuant, pointed out that the cost bases of hodlers are about to face a new test. These cost bases, also known as realized prices, represent the aggregated buy-in price of investors holding their coins for various periods. Among these, short-term holders (STHs), who retain their BTC for up to 155 days, are of particular interest. Their cost basis has acted as a solid support in the bull market almost flawlessly since the beginning of 2023. At present, CryptoQuant shows the STH realized price to be $62,200.
Another group—those holding Bitcoin for between three and six months—has a realized price of $55,500, while long-term holders, sometimes called “diamond hands,” have their cost basis set at $24,300. As Adler noted, the duration of this correction phase will depend on market conditions, but past cycles have seen similar situations last anywhere from 65 to 371 days.
Earlier reports by indicated concerns that the $60,000 level might return to the BTC/USD chart and that even this level may not serve as a reliable support. If this happens, veteran trader Peter Brandt has warned, the price could drop as low as $48,000. Some traders, Are more focused on short-term support and resistance areas, examining exchange order book activities to find potential signals.
Popular trader Skew observed growing bid liquidity around the $62,000 mark, revealing on June 15 that the bid wall around $65,000 was partially front-run. He noted a large gap between bids and asks at the time, highlighting that quoted ask liquidity was concentrated around $70,000. This leaves room for an illiquid squeeze, where passive supply could be sold into the market, targeting prices between $68,000 and $69,000. Fresh bid liquidity was also noted around $63,000 to $62,000, with the bulk of demand concentrated around $60,000 if the $65,000 support is lost.
Data from monitoring resource CoinGlass showed an increase in liquidity lines at around $64,900, just beneath the intraday lows, growing in size at the time of writing. This shift in liquidity paints a picture of a market that could experience significant volatility in the coming days.
As traders and analysts keep a close watch on these key levels, the next few days or weeks could be crucial in determining the short-term future of Bitcoin’s price. While some are bracing for further declines, particularly if critical support levels give way, others speculate about potential price floors that may prevent a deep dive.
In any case, both short-term and long-term hodlers are now critically assessing their positions in light of these recent developments. The interplay between trading strategies, market liquidity, and hodler behavior will likely define Bitcoin’s immediate outlook.
40 thoughts on “Bitcoin Rebounds: Key BTC Price Levels to Watch”
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Weak and weaker. Bitcoins testing everyone’s patience.
Will be interesting to see if the $62,000 support holds. Fingers crossed! 🤞💎
Even during corrections, Bitcoins journey is never dull. Eyes on the market!
Patience and strategy are key in these markets. Lets hope for a strong recovery.
This volatility is just too much! How much more can hodlers take?
Exciting times ahead for Bitcoin traders! The market volatility is what keeps this space so dynamic.
I’m tired of hearing lowest level. Can we rise for a change?!
More short-term pain incoming. It’s like waiting for the next bad news.
Feels like a rollercoaster ride that’s stuck on the down slope!
Wow, the market is really keeping us on our toes! Let’s see how this plays out.
With every dip, there’s a strategy! Loving the optimism among hodlers.
Realized prices and cost bases truly reflect the market’s resilience. Cheers to the hodlers! 🍾✨
Hodlers are the backbone of this market. Stay strong everyone!
This dip might be challenging, but remember, every market correction brings new opportunities. Keep calm and hodl on!
These liquidy shifts definitely indicate the market’s complexity and unpredictability! Let’s stay tuned.
If we fall below $60,000, it could get really ugly. Not optimistic.
Hodlers are indeed showing incredible strength! Looking forward to a potential bounce back.
Despite the dip, it’s amazing to see the growing bid liquidity which shows investor confidence!
Could we please stop with the wild price drops, Bitcoin?
Even with the dip, Bitcoin’s journey is always a thrilling ride! Hodlers unite and stay strong!
Can’t believe BTC is becoming this volatile! But it’s always exciting to see how traders and hodlers navigate these waters.
Not sure $60,000 can hold. Losing faith in these support levels.
Another day, another dive. Getting sick of these dips!
Keith Alan’s insights are definitely something to watch out for. Let’s hope the bulls rally!
Even when BTC takes a dip, hodlers hold on tight! 🌟 Patience is key.
Losing technical support is NOT a good sign, folks. 😬
Bearish vibes all over. Not looking forward to this correction phase.
High hopes for the resilience at the $65,000 support! Market corrections can be opportunities.
Every dip is just another step towards the moon! Bet on the hodlers!
Skew’s observations are spot on. Bid liquidity might just save the day!
Diamond hands indeed! It’s amazing to see long-term holders weather every storm.
So insightful to read about the critical support levels. Let’s hope we stay above $60,000!
So tired of this constant price drama. What happened to stability? 😖
The market sentiment is NOT looking good. Are we headed for a big crash? 🤦♂️
HODLer们！💪🚀
Excited to see the resilience of short-term holders! Let’s hope we bounce back stronger. 🛠️🔥
Its becoming really hard to stay positive with all these dips.
Reading about the different cost bases is fascinating! Truly shows the diverse strategies in the market.
Keeping an eye on those liquidity shifts! The next few days will be crucial.
This doesn’t look good! Another dip? Ugh, when will it stabilize?