Bitcoin (BTC) extended losses into the June 17 Wall Street open as bulls failed to mount a comeback.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin trader hopes for “red Monday, green week”
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) dropping to $65,066 on Bitstamp, nearly matching one-month lows from June 14.
A modest uptrend over the weekend failed to sustain during the week’s first Asia trading session, with United States markets continuing the lackluster mood.
Source: Rager
“This is where you’d wanna see Bitcoin form a higher low — or it starts looking like $62,000 is on the menu,” popular trader Jelle warned in one of the day’s posts on X.
“Red Monday, green week?”BTC/USD chart. Source: Jelle/X
Traders held various support levels in mind, these extending down to $60,000, with multi-month lows on the radar should that level also fail to hold.
$65,000 represented a major focus in terms of liquidity on the day after $66,000 disintegrated.
“Big liquidity level at $65K and $66.3K. Keep in mind, there will always be levels on both sides and these don’t always get tapped. These levels can act as a magnet when price trades close to it,” fellow trader Daan Crypto Trades commented alongside order book liquidity data from monitoring resource CoinGlass.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Trader Crypto Tony, meanwhile, highlighted $67,300 as a level to flip to support for those considering going long BTC.
An accompanying chart showed an inverse head-and-shoulders pattern — potentially cause for optimism should a local low have been completed.
BTC/USD chart. Source: Crypto Tony/X
Exchanges see uptick in BTC inflows
Gauging market reactions to the latest BTC price moves, onchain analytics platform CryptoQuant noted an uptick in coins being sent to exchanges.
Related: $66K BTC price now ‘critical’ — 5 things to know in Bitcoin this week
Particularly in focus were coins that last moved between three and six months ago, as well as those dormant for up to a year.
“40% of the sent Bitcoins are in the 3M-6M range, 20% are in the 6M-12M range, and the…
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