Bitcoin's price continues to struggle, with potential dips to $62,000 looming as sellers return to exchanges in significant numbers. Data from Cointelegraph Markets Pro and TradingView shows Bitcoin (BTC) falling to $65,066 on Bitstamp, nearing one-month lows from June 14. Despite a modest weekend uptrend, the first Asian trading session of the week failed to maintain momentum, leading to continued declines as the US market opened.
Prominent traders highlight the critical support levels at $65,000 and $66,300, with $62,000 potentially on the horizon if these levels fail. Trader Jelle emphasized the importance of Bitcoin forming a higher low to avoid further declines. Fellow trader Daan Crypto Trades noted that liquidity levels around $65K and $66.3K could act as magnets, influencing price movements.
On-chain analytics platform CryptoQuant observed a rise in BTC inflows to exchanges, with a significant portion of these coins last moved between three to six months ago. This influx suggests increased selling pressure, which may lead to further price drops. Contributor XBTManager from CryptoQuant pointed out that 40% of the Bitcoins sent to exchanges fall within the 3M-6M range, indicating short-term selling pressure.
As traders navigate these turbulent waters, the market remains cautious, with eyes on key support levels and liquidity data to gauge future price movements.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.