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Bitcoin (BTC) failed to reclaim $65,000 after the June 18 Wall Street open as analysts predicted further BTC price downside.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to maintain support near key trendlines.

Bitcoin (BTC) shed another 3% on the day, continuing a downtrend now responsible for up to $7,900 of losses since it began on June 9.

With various support levels now on the radar, market participants began to warn that many of these lacked conviction under current conditions.

For Keith Alan, co-founder of trading resource Material Indicators, multiple moving averages (MAs) were now a problem after spot price slipped through them.

I set a trailing stop loss before leaving town to protect some profits in case Bitcoin dumped. That wick to $64k last night scaled me out of a position, he revealed to followers on X.

Next up for a retest, as Cointelegraph reported, was the short-term holder cost basis at just under $64,000 as of June 18.

BTC approaching short-term holders cost basis around $63.8k, dont want to see consecutive days closed below. Typically serves as a good line in the sand for trends, William Clemente, co-founder of crypto research firm Reflexivity, wrote in part of a commentary on the topic.

Analyzing order book activity, popular trader Daan Crypto Trades warned that spoofing was rife, with large blocks of liquidity being posted and removed in a possible attempt to drive BTC price in a certain direction.

A good bunch of those orders got filled, he acknowledged as BTC/USD headed lower after the Wall Street open.

Updating Telegram channel subscribers, trading firm QCP Capital offered an alternative perspective on crypto market forces.

Related: Why is the crypto market down today?

Far from bad news, it suggested, Bitcoin and altcoins were suffering from a lack of news altogether.

While BTC seems to have sneezed, alts seemed to have caught a cold as they drop 20-30% over the weekend, it wrote.

QCP thus suggested a wait-and-see approach to boring markets.

The total altcoin market cap traded down 7.5% on the day at $219.06 billion.

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

Originally posted here:
Bitcoin analyst optimistic of buying BTC lower as 3 trendlines fail - Cointelegraph