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Bitcoin Plummets To $67K And 'This Move Isn't Over,' Warns Analyst

Murtuza Merchant
June 11, 2024

Bitcoin (CRYPTO: BTC) prices fell sharply during the Asian trading session today, dipping below $67,000 and raising concerns about a potential reversal in the recent bullish trend.

What Happened: Data from TradingView recorded a 4% dip, bringing Bitcoin’s price to lows of $66,732 on Bitstamp following the daily close.

The inability to maintain support at the critical $69,000 level has left Bitcoin bulls struggling against thin exchange order book liquidity.

Keith Alan, co-founder of Material Indicators, highlighted the issue, stating, "Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it — and really, it's not even heavy down to $60,000 if I can be completely honest."

Alan’s comments, delivered during a recent YouTube update, were backed by data showing insufficient bids to support Bitcoin’s price.

An accompanying chart from Material Indicators displayed order book liquidity for the BTC/USDT pair on Binance, the largest global crypto exchange.

Following the latest downturn, Material Indicators noted on X that Bitcoin had officially rejected $69,000 as support and had also fallen below the 21-day moving average, a crucial short-term trendline.

"This move isn't over. In fact, I expect these killer whale games to continue up to and through JPow's comments on Wednesday and economic reports on Thursday," the post read, referring to upcoming statements from Federal Reserve Chair Jerome Powell.

The anticipated volatility this week stems from key U.S. macroeconomic data releases, including the Consumer Price Index (CPI) and Producer Price Index (PPI), as well as the Federal Reserve's latest interest rate decision.

Popular trader Skew noted that CPI/PPI data has historically been near the highs of its range, resulting in local lows for Bitcoin.

Also Read: Financial Sector Dominates Q1 Crypto Funding With $323M Inflows

In a contrasting view, fellow trader and commentator Credible Crypto suggested that the current downtrend might not extend as far as $60,000.

He observed that large-volume traders are dynamically adding and withdrawing liquidity, which could prevent Bitcoin’s price from falling below $65,000.

"We continue to see spot absorption on each and every move down, even on lower timeframes," he shared with his X subscribers.

Credible Crypto further highlighted that resistance at $72,000 had quickly dissipated once Bitcoin started to reverse.

"What are the odds we front run range lows and 62-65k and just reverse from here? I think they are decent," he concluded, adding a note of cautious optimism.

Adding to the bearish sentiment, June 10 saw the first net outflow of Bitcoin spot ETFs after 19 consecutive days of net inflows, totaling $64.9318 million, according to data from SoSo Value.

Notably, Grayscale ETF (OTC:GBTC) experienced a significant single-day outflow of $39.5366 million.

In contrast, Bitwise ETF (BATS:BITB) and BlackRock ETF (NASDAQ:IBIT) had inflows of $7.5910 million and $6.3433 million, respectively.

What’s Next: These developments come ahead of Benzinga’s Future of Digital Assets event on Nov. 19, which promises to delve deeper into these market dynamics and explore the future of cryptocurrency investments.

Industry leaders and analysts will gather to discuss the evolving landscape of digital assets, providing crucial insights amid ongoing market fluctuations.

Read Next: Crypto Adoption Is Coming ‘Slow And Steady,’ Research Report Says

Image: Shutterstock

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