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BTC price risks falling by $60,000 as Bitcoin supply liquidity declines with decline

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Bitcoin traded below $68,000 during the Asian trading session on June 11 as analysis warned of further losses in Bitcoin prices.

BTC/USD one-hour chart. Source: Trading View

Weak BTC prices are offset by a lack of “heavy” bid support.

Data from Cointelegraph Markets Pro and TradingView showed a 3% decline which took Bitcoin (BTC) to lows of $67,320 on Bitstamp after the daily close.

Lacking support at the key level of $69,000, Bitcoin bulls failed to avoid a downward move through weak exchange order book liquidity.

A day earlier, Keith Allan, co-founder of trading resource Material Indicators, warned that insufficient bidding could be a warning sign for BTC price strength.

“We definitely have some tiered support here, but not a huge focus on it — and in fact, it’s not even heavy at $60,000 if I can be completely honest,” he said during his latest YouTube update.

The accompanying chart covers order book liquidity for BTC/USDT on the largest global cryptocurrency exchange, Binance.

Btc Price Risks Falling By 60000 As Bitcoin Supply Liquidity
BTC/USDT liquidity heat map. Source: physical indicators

In a subsequent post on

“Support at the 21-day EMA and R/S Flip at $69K has been negated.”

“This step is not over yet. In fact, I expect these killer whale games to continue until JPow’s comments on Wednesday and economic reports on Thursday.

1718098871 499 Btc Price Risks Falling By 60000 As Bitcoin Supply Liquidity
BTC/USD one-day chart with 21SMA. Source: Trading View

As Cointelegraph reported, the main catalyst for this week’s potential volatility for Bitcoin and cryptocurrency price movement is US macroeconomic data – the Consumer Price Index (CPI) and Producer Price Index (PPI) – along with the Federal Reserve’s recent interest rate decision and accompanying press conference. for him. By Chairman Jerome Powell.

“So far the CPI/PPI has been around the highs of that range, and that has led to localized declines by the FOMC,” popular trader Skew continued on the subject.

“The next few days are interesting.”

1718098872 429 Btc Price Risks Falling By 60000 As Bitcoin Supply Liquidity
Bitcoin/USD chart. Source: deviation

Conflicting opinions on Bitcoin support

Meanwhile, in his analysis of the market, fellow trader and commentator Credible Crypto noted that the outcome of the bearish move may not be as drastic as a trip to $60,000.

Related: Price Analysis 6/10: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

With liquidity added and withdrawn from the market at will by high-volume traders, the appetite for Bitcoin could save bulls below $65,000.

“We continue to see immediate absorption of every downward movement, even on lower time frames,” he summed up for Subscribers X.

Credible Crypto noted that the general resistance at $72,000 was “immediately withdrawn” once Bitcoin began to reverse.

“What are the odds that we advance in the range to the lows and 62-65K and then pull back from there? “I think they are a good fit,” he concluded.

“There are no guarantees of course, but we will know soon enough about the development of PA in the next 24 hours or so.”

1718098873 272 Btc Price Risks Falling By 60000 As Bitcoin Supply Liquidity
Bitcoin/USD chart. Source: Trusted Crypto

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.