 ▲ Bitcoin (BTC) |
On the 11th, after Wall Street opened, Bitcoin (BTC) fell below $67,000, hitting the lowest price in June.
Cointelegraph, a media outlet specializing in cryptocurrency, said, “Bitcoin’s downward trend is often observed when preparing for the announcement of US macroeconomic data and the US Federal Reserve (Fed),” and “Bitcoin has reached $60,000.” “It is a situation where there is a possibility of a decline,” he explained.
“If Bitcoin breaks $71,700, it will be an important record,” said Michaël van de Poppe, a cryptocurrency trading veteran and founder and CEO of MN Trading. However, it is common for conservative price trends to occur around the time major economic indicators such as the U.S. Consumer Price Index (CPI) are announced.”
Popular trader Roman has been keeping an eye on the $67,000 support line for some time, but decided it was time to end his observation there.
Another trader, Castillo Trading, paid attention to the demand zone formed at the $64,000 level. He said, “We already knew that Bitcoin trading prices would decline to some extent. Breaking $70,000 seemed difficult. “Now that the price of Bitcoin has fallen, we are ready to observe further declines.”
A situation requiring caution was also detected in the open interest (OI) in the derivatives market. As of the 11th, outstanding contracts exceeded $37.6 billion, hitting an all-time high in June. This is a typical Bitcoin price volatility warning sign.
Meanwhile, Singapore-based digital asset management company QCP Capital said, “The cryptocurrency market showed a trend of risk aversion ahead of the U.S. CPI and the Federal Open Market Committee (FOMC),” and added, “Bitcoin spot listing on the 10th (local time). “The net outflow worth $64 million from index funds (ETFs) may have been the result of risk aversion,” he said.
