Reserve Dollar

Bitcoin

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Bitcoin dropped under $67,000 into the June 11 Wall Street open as markets staged a classic pre-inflation report comedown.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/f3147a83-c460-42df-bff0-cd648747b678.png" alt="" title="">
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 BTC/USD 4-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-dip-much-ado-about-nothing">BTC price dip: “Much ado about nothing?”</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed new local Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price lows of $66,696 on Bitstamp — its worst month-to-date.
Having dropped for almost 24 hours in a row, Bitcoin failed to buck the trend on the day as <a href="https://cointelegraph.com/news/2nd-highest-weekly-close-ever-5-things-bitcoin-this-week">risk assets prepared for a deluge</a> of United States macroeconomic data and Federal Reserve commentary.
Now down 3.6% on the day, BTC/USD fielded various downside targets from traders, these <a href="https://cointelegraph.com/news/btc-price-risks-60k-bitcoin-bid-liquidity-new-3-dip">extending toward $60,000</a>.
“Getting closer to support. Will be looking to enter longs if a reversal presents itself,” popular trader Roman <a href="https://x.com/Roman_Trading/status/1800353566672212195" target="_blank" rel="noopener nofollow">told</a> subscribers on X on the day. 
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 “Ultimately I’ve been eyeing the 67k support for over a week so it’s about time we’re getting close.”
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 BTC/USD chart. Source: Castillo Trading
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Fellow trader Castillo Trading agreed, focusing on a slightly lower buy zone at around $64,000.
“We knew some downside was possible on $BTC. Was hard to open up fresh longs above $70,000. Now, we are getting into an area I am more willing and comfortable looking to add,” part of an X post <a href="https://x.com/CastilloTrading/status/1800489609371238617" target="_blank" rel="noopener nofollow">stated</a>.
Others called for calm amid overall rangebound price action, with Bitcoin consolidating below all-time highs for nearly three months.
“Week 15 of chopping below the current all-time highs,” popular trader Jelle <a href="https://x.com/CryptoJelleNL/status/1800453507671339021" target="_blank" rel="noopener nofollow">noted</a>. 
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 “We’re off to a red start this week, pushing back into the key support level at $67,500. May be uncomfortable, but nothing has changed. Don’t get shaken out.”
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 BTC/USD chart. Source: Scott Melker
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Trader, analyst and podcast host Scott Melker <a href="https://x.com/scottmelker/status/1800489362515435838" target="_blank" rel="noopener nofollow">called</a> the latest price action “much ado about nothing.”
“Decent drop today, but simply testing support at the range EQ - still trading in the top half of the range. 3 months into the predictable chop that comes with this part of the cycle,” he reasoned.
<h2 data-ct-non-breakable="true" id="open-interest-presents-high-risk-situation">Open interest presents "high-risk situation”</h2>
A note of caution came from market observers monitoring open interest (OI) on derivatives markets.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-hash-ribbons-first-buy-signal-25k-btc-price">Bitcoin hash ribbons flash the first buy signal since $25K BTC price</a>
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 Source: Byzantine General
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This hit new all-time highs in June, passing $37.6 billion, in what has traditionally been a classic warning of BTC price volatility.
Bitcoin futures OI decreased as price retreated, data from <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener nofollow">CoinGlass</a> showed, but remained above $35 billion.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/33498fd8-235e-4cad-9d51-1c1f97dff53a.png" alt="" title="">
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 Bitcoin futures open interest (screenshot). Source: CoinGlass
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For Filbfilb, co-founder of trading suite DecenTrader, the writing was on the wall.
“Price flat, OI up $1.5bn. High-risk situation,” he <a href="https://x.com/filbfilb/status/1800391628571689262" target="_blank" rel="noopener nofollow">summarized</a>.
Filbfilb <a href="https://x.com/filbfilb/status/1785230524526493957/photo/1" target="_blank" rel="noopener nofollow">contributed</a> what he called a “worst case scenario” for BTC/USD, this including downside wicks to as low as $45,000.
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 BTC/USD chart. Source: Filbfilb
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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.

Bitcoin price hits new June lows while open interest stays above $35B

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