Bitcoin has climbed back above $64,000 for the first time since mid-May as the BTC price rally was wiped out within hours.
BTC price weakens, returns to $64,000
Data from Cointelegraph Markets Pro and TradingView captured BTC price fluctuations during the previous day’s Wall Street trading session.
This led BTC/USD to a local high of $67,250, but momentum soon stalled as sellers took control, with BTC/USD rising to $64,050 a few hours later.
This is the pair’s lowest level since May 15, and market watchers have little good news to share about it.
“As we can see, the rally was mainly driven by Coinbase spot and some buying from Bitfinex,” prominent trader Skew explained in a market report from X (formerly Twitter).
“Binance spot is still facing selling pressure. I think $66,000-$67,000 is the key area to judge whether there is continued absorption, otherwise the price will fall further.”
