Bitcoin traded below $68,000 during the June 11 Asia trading session, with analysis predicting further BTC price declines.
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop, bringing Bitcoin to lows of $67,320 on Bitstamp after the daily close.
Failing to maintain support at the crucial $69,000 level, Bitcoin bulls couldn’t prevent a downward slide due to thin exchange order book liquidity.
The previous day, Keith Alan, co-founder of trading resource Material Indicators, cautioned that insufficient bids might signal weak BTC price strength.
“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,” he mentioned in his latest YouTube update.
An accompanying chart illustrated order book liquidity for the BTC/USDT pair on Binance, the largest global crypto exchange.
In a subsequent post on X, Material Indicators noted that with the latest move down, Bitcoin had formally rejected $69,000 as support and lost the 21-day moving average, a crucial short-term trendline.
“Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated,” it read.
“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.”
As Cointelegraph reported, the week’s main potential volatility catalyst for Bitcoin and crypto price action is U.S. macroeconomic data — the Consumer Price Index (CPI) and Producer Price Index (PPI) — along with the Federal Reserve’s latest interest rate decision and accompanying press conference by Chair Jerome Powell.
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“So far CPI/PPI has been around the highs of this range & FOMC resulting in local lows,” popular trader Skew commented.
“Interesting few days ahead.”
In his market analysis, fellow trader and commentator Credible Crypto suggested that the outcome of the down move may not be as drastic as a drop to $60,000.
With large-volume traders adding and pulling liquidity at will, appetite for BTC might prevent bulls from falling below $65,000.
“We continue to see spot absorption on each and every move down, even on lower timeframes,” he summarized to X subscribers.
Credible Crypto noted that overhead resistance at $72,000 had been “pulled immediately” once Bitcoin began reversing.
“What are the odds we front run range lows and 62-65k and just reverse from here? I think they are decent,” he concluded.
“No guarantees of course, but we will know soon enough with developing PA over the next 24 or so hours.”
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