Bitcoin drops 5% to $64K, hitting a 1-month low on June 18. Is this a buying opportunity? Learn More!
On June 18, Bitcoin's price plummeted 5% to new one-month lows, reaching $64,000 for the first time since mid-May. The decline followed an attempt to surpass $67,000, which was quickly reversed by selling pressure. This volatility has left traders and analysts pondering the market's next move and whether now is the time to "buy the dip."
Key Points:
Market Volatility and Price Action:
On June 18, Bitcoin reached local highs of $67,250 before falling to $64,050 within hours.
This decline marks Bitcoin's lowest level since May 15.
Market Reactions:
Popular trader Skew noted the bounce was driven by Coinbase spot trading, with Binance still experiencing selling pressure.
Despite the decline, low funding rates suggest a potential buying opportunity.
Technical Analysis:
Data from CoinGlass shows fluctuating liquidity conditions on BTC pairs.
Credible Crypto identified a “dream” buying zone starting at $63,500, advising to watch for short-term impulse moves.
On-Chain Analysis:
Glassnode’s Checkmate highlighted the importance of the short-term holder realized price (STH-RP) at $63,700 as a key support level.
The preservation of this level is crucial for maintaining bullish sentiment.
Bitcoin's recent drop to $64,000 on June 18 has sparked a mix of concern and optimism among traders and analysts.
While some view it as a natural part of market volatility, others see it as a potential buying opportunity, given the current low funding rates and key support levels. As the market continues to evolve, keeping an eye on these indicators will be essential for making informed trading decisions.
Learn more about market trends and how to navigate the crypto landscape effectively.
Source: Cointelegraph
Comments