• Bitcoin price tumbled below $64,000, nearing six-week lows on June 21
• Bitcoin crossed its short-term holder cost basis around $64,000, a key support level that has held since the end of the 2022 bear market
• Traders warned that buyers need to step in and push for control to fuel a bounce, as the market currently lacks real participation
The price of Bitcoin has fallen below the key $64,000 support level as bears continue to dominate the market. BTC has struggled to find buying interest even on dips.
BTC Price Trades Below $63K, Bears In Driver’s Seat
The price of Bitcoin fell to lows near $63,300 on major exchanges on June 21. BTC has now declined over 5% so far in June, and is down nearly 7% over the past week.
The lack of significant buying interest on dips has allowed bears to retain control of market price action. BTC has struggled to reclaim key support levels, indicating overall weakness.
Popular analyst Skew noted some absorption by dip buyers, but sustained upside would require increased demand. For now, automated trading algorithms are dictating price moves.
Bitcoin Breaks Below Key Bull Market Trendline
In its latest sell-off, Bitcoin broke below its short-term holder cost basis (STHCB), which has acted as support during the bull market.
The STHCB currently sits around $64,000, which coincides with the key psychological level Bitcoin failed to reclaim. Breaking this important trendline is a bearish development.
Other key levels traders are watching include the 21-week simple moving average, currently around $63,000. However, order book liquidity is thin, meaning BTC could slice through without much resistance if selling pressure ramps up.
Outlook Remains Murky as FUD Weighs on Market Sentiment
With Bitcoin failing to reclaim key support levels, market sentiment remains weak. Bears appear poised to push the price lower, especially if dip buyers remain on the sidelines.
BTC may find some buying interest around the $60,000 mark, but macro uncertainty and FUD continue to weigh on crypto markets. The path forward remains unclear until more decisive price action emerges.
