Bitcoin exchange inflows have increased, leaving little hope for a BTC price recovery.
Bitcoin Sellers Return to Exchanges, BTC Price Risks $62K Dip
Bitcoin extended its losses as the June 17 Wall Street open failed to inspire a comeback for bulls.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin dropping to $65,066 on Bitstamp, nearly matching one-month lows from June 14. A modest uptrend over the weekend did not hold during the first Asia trading session of the week, with U.S. markets maintaining a lackluster mood.
Popular trader Jelle warned that Bitcoin needs to form a higher low at this point; otherwise, $62,000 might be next. Various traders focused on support levels down to $60,000, with multi-month lows possible if that level fails.
The $65,000 level was a significant point of liquidity after $66,000 gave way. Daan Crypto Trades pointed out that $65K and $66.3K were big liquidity levels, acting as magnets when prices trade close to them. Crypto Tony highlighted $67,300 as a critical level to flip to support for long positions, noting an inverse head and shoulders pattern that could signal optimism if a local low is complete.
Exchanges See Uptick in BTC Inflows
On-chain analytics platform CryptoQuant noted an increase in Bitcoin being sent to exchanges. Coins that last moved between three to six months ago, as well as those dormant for up to a year, were particularly in focus.
Contributor XBTManager reported that 40% of these Bitcoins were in the 3-6 month range, 20% were in the 6-12 month range, with the remainder being mixed. This movement is expected to create selling pressure, indicating that after a certain rise, the selling pressure will likely increase, leading to another downturn.
Source: CryptoQuan
