Bitcoin has struggled to find strong support, tumbling to $63,379 on June 21. Altcoins, which had already endured significant losses during the initial market shock, showed resilience, not declining as much in this second wave. As of now, BTC is trading at $64,160. The focus is now on what the future holds for the cryptocurrency market by the end of the month.
Bitcoin’s Recent Performance
On June 21, Bitcoin, the leading cryptocurrency, plummeted to its lowest in six weeks. Although altcoins are weak and are showing slight gains, recent sell-offs have pushed them back to their base supports. Bitcoin has seen a 3.7% dip over the week and a 5.75% decline in June, making it challenging to hold the $64,000 mark.
What are Analysts Predicting?
Prominent crypto analyst Skew remains optimistic, noting that lower prices are attracting buyers. However, he believes more is necessary for a genuine recovery, as significant futures liquidations have dampened bullish spirits. Another analyst, Roman, suggested that losing the $64,500 support could lead the price back to $60,000.
Key Insights for Investors
– Monitor Bitcoin’s ability to reclaim lower levels, as noted by analyst Jelle.
– The short-term investor cost basis (STHCB) at $64,000 is a critical support zone.
– Pay attention to automated trading’s impact on weekend volumes.
– Material Indicators’ co-founder Keith Alan emphasizes the importance of the 21-week simple moving average at $63,074.
Crypto analyst Jelle expressed surprise at BTC’s failure to reclaim lower levels, mentioning its RSI remains above 30. He highlighted the short-term investor cost basis at $64,000 as a historical support level. On-Chain College remarked on this key level’s significance post-2022 bear market and expects a breakout above the STHCB.
Material Indicators’ co-founder Keith Alan pointed to the 21-week simple moving average’s lower level at $63,074 as crucial. If this threshold is breached, it may lead to intensified selling pressure.