FOMC

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Bitcoin&nbsp;traded below $68,000 during the June 11 Asia trading session as analysis warned of further BTC price losses.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/ed370d92-fd8b-4247-980c-3bf5b88c5069.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="btc-price-weakness-meets-lack-of-heavy-bid-support">BTC price weakness meets lack of “heavy” bid support</h2>
Data from Cointelegraph Markets Pro and TradingView showed a 3% dip taking Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>)&nbsp;to lows of $67,320 on Bitstamp after the daily close.
<a href="https://cointelegraph.com/news/bitcoin-drops-etfs-lose-inflow-steak-us-inflation-fed-meeting" rel="noopener noreferrer nofollow"></a><a href="https://cointelegraph.com/news/bitcoin-drops-etfs-lose-inflow-steak-us-inflation-fed-meeting" rel="noopener noreferrer nofollow">Lacking support at the key $69,000 level</a>, Bitcoin bulls failed to stave off a downward move through thin exchange order book liquidity.
The day prior, Keith Alan, co-founder of trading resource Material Indicators, had warned that insufficient bids could be a warning sign for BTC price strength.
“Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it — and really, it’s not even heavy down to $60,000 if I can be completely honest,” he said during his <a href="https://www.youtube.com/live/F_poBrf4UnM" target="_blank" rel="noopener noreferrer nofollow">latest YouTube update</a>.
An accompanying chart covered order book liquidity for the BTC/USDT pair on the largest global crypto exchange, Binance.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/1f8c9949-31dc-4fca-99eb-0492485d6aff.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USDT liquidity heatmap. Source: Material Indicators
 </figcaption>
</figure>
In a subsequent <a href="https://x.com/MI_Algos/status/1800363318349021613" target="_blank" rel="noopener noreferrer nofollow">post</a> on X, Material Indicators noted that with the latest move down, Bitcoin had formally rejected $69,000 as support and had also given up the 21-day moving average — a key short-term trendline.
“Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated,” it read.
<blockquote data-ct-non-breakable="true">
 “This move isn’t over. In fact I expect these killer whale games to continue up to and through JPow’s comments on Wednesday and economic reports on Thursday.”
</blockquote>
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/17c7858c-0624-4978-b4b2-80f43bd68564.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD 1-day chart with 21SMA. Source: TradingView
 </figcaption>
</figure>
As Cointelegraph reported, the week’s main <a href="https://cointelegraph.com/news/2nd-highest-weekly-close-ever-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">potential volatility catalyst for Bitcoin</a> and crypto price action is United States macroeconomic data — the Consumer Price Index (CPI) and Producer Price Index (PPI) — along with the Federal Reserve’s latest interest rate decision and accompanying press conference by Chair Jerome Powell.
“So far CPI/PPI has been around the highs of this range &amp; FOMC resulting in local lows,” popular trader Skew <a href="https://x.com/52kskew/status/1800326301129294328" target="_blank" rel="noopener noreferrer nofollow">continued</a> on the topic.
<blockquote data-ct-non-breakable="true">
 “Interesting few days ahead.”
</blockquote>
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/31340bfb-e932-436a-8c22-90c025e412bf.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD chart. Source: Skew
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="mixed-opinions-on-bitcoin-support">Mixed opinions on Bitcoin support</h2>
In his own market analysis, meanwhile, fellow trader and commentator Credible Crypto suggested that the outcome of the down move may not be as radical as a trip to $60,000.
Related: <a href="https://cointelegraph.com/news/price-analysis-6-10-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada" rel="noopener noreferrer nofollow">Price analysis 6/10: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA</a>
With liquidity being added and pulled from the market at will by large-volume traders, appetite for BTC could spare bulls any lower than even $65,000.
“We continue to see spot absorption on each and every move down, even on lower timeframes,” he <a href="https://x.com/CredibleCrypto/status/1800407698153865335/photo/1" target="_blank" rel="noopener noreferrer nofollow">summarized</a> to X subscribers.
Credible Crypto noted that overhead resistance at $72,000 had been “pulled immediately” once Bitcoin began reversing.
“What are the odds we front run range lows and 62-65k and just reverse from here? I think they are decent,” he concluded.
<blockquote data-ct-non-breakable="true">
 “No guarantees of course, but we will know soon enough with developing PA over the next 24 or so hours.”
</blockquote>
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/1cfa8f7d-cfda-4a19-92bb-3cf51d0cc6cf.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD chart. Source: Credible Crypto
 </figcaption>
</figure>
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.

BTC price risks $60K dive as Bitcoin bid liquidity thins on new 3% dip

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