Bitcoin’s recent price movements have shown a clustering pattern near the $71,600 mark, indicating a potential downturn in its trajectory. Insights from Rekt Capital suggest that these clusters often signal downward movements towards lower price ranges. Currently trading around $67,054, Bitcoin has experienced a 5.7% weekly decline according to data from Bitstamp.
Rekt Capital has noted that Bitcoin’s consolidation around the $71,600 resistance level typically precedes corrections. While the cryptocurrency has tested support levels near $64,000, further correction may be necessary before entering the “parabolic phase” of its bull cycle.
On a cautious note, Titan of Crypto has highlighted potential declines below $60,000 based on technical formations on higher timeframes like the monthly chart. Monitoring the critical level of $58,800 by early July is essential according to Titan’s analysis.
Bitcoin’s Relative Strength Index (RSI) currently stands at 41 as of June 17th, indicating that the price is around fair value. Market insights from Coinglass point to strong support around $64,500, potentially leading to liquidation of leveraged long positions if breached. Short-term Bitcoin holders (STHs) with a realized price of around $62,200 show significant support among speculative traders, enhancing Bitcoin’s price stability amid market volatility.
Centralized exchanges have witnessed significant liquidation events, with Binance leading at $4.21 million in a single day. Platforms like OKX, Bybit, and Huobi Global (now HTX) have also recorded substantial losses. Since early June, centralized exchanges have seen ongoing liquidation activities, with losses reaching $400 million by June 7th and approximately $190.97 million last week alone.
