whqqq wrote a post · Jun 24 04:09

Can $60K BTC Price Support Hold? 5 Things to Know in Bitcoin This Week

BTC Price Hits New Six-Week Lows

Bitcoin's price dropped to $62,128, the lowest since May 15, down 7% for June. Analysts predict more downside, with key support levels being tested.

BTC/USD 1-day chart.

Analyst added that altcoins, already suffering at the hands of the BTC price rout, could see another 20% dive.

Total altcoin market cap 1-day chart.

Fellow trader Daan Crypto Trades meanwhile set out the key levels within Bitcoin’s multimonth trading range.

“Arrived at the golden pocket Fibonacci retracement level. If there’s bulls left that want to make this into a higher low then this is the spot,” he cautioned on the day.

“A bounce should lead to a mid range retest, where failing to do so likely results in a range low retest.”

BTC/USDT perp chart.

Data from monitoring resource CoinGlass showed BTC/USD cutting through bid support above $62,000. The past 24 hours liquidated around $48 million of BTC longs, it confirmed.

BTC liquidation heatmap (screenshot).

PCE Week and Fed Liquidity
Key U.S. economic data, including jobless claims, revised Q2 GDP, and the PCE index, will be released this week. These could impact Bitcoin’s performance, as the market watches for signals on inflation and Fed policy.

Fed target rate probabilities for September meeting.

Stocks Outperform Crypto
U.S. stocks, especially the S&P 500, are reaching new highs, contrasting with Bitcoin's recent decline. Analysts suggest Bitcoin's sensitivity to Fed liquidity changes as a possible cause.

S&P 500 vs. total crypto market cap chart.

Bitcoin Whales Under the Microscope

Whales are accumulating Bitcoin at $62,000, but market manipulation by large players is causing price volatility. Whale behavior is closely watched as an indicator of market direction.

Bitcoin whale accumulation trend data.

Popular social media commentator Bitcoin Munger noted last week, the largest class of whale contrasts with the rest in its accumulation trend.

Fast forward to this week, however, and confidence in broad whale accumulation is growing at $62,000.

“Clear that whales have been buying this dip in record numbers - but the selling volume does not justify the price drops which are manipulated by the market makers, who work for the whales,” fellow commentator MartyParty argued.