Bitcoin risks deeper fall if $64,000 support fails

Bitcoin has struggled to regain its recent momentum, failing to break back above the critical $70,000 mark and pulling back below $64,000. The cryptocurrency is currently trading near $63,000, as ongoing market pressure weighs on the price.

Key price level at $64,000

On-chain data analyst Ali Martinez shared on June 18 that Bitcoin could be preparing to stage a move back towards $69,000. However, he emphasized that this scenario depends heavily on Bitcoin maintaining support above the $64,000 threshold.

Martinez considers $64,000 to be more than just a short-term support zone, describing it as a critical benchmark that could define Bitcoin’s next major price move. He warns that if the price drops and stays below this level, hopes for an upward rebound could fade quickly.

Martinez’s chart illustrates Bitcoin trading within an ascending channel, with recent movements consolidating around $64,538. As long as this technical structure holds, Bitcoin could regain upward momentum. If support is lost, further downside pressure may persist.

Targeting $69,000 could mean a 7% jump

As the situation stands, holding above $64,000 places the next significant target at $69,000. Achieving this resistance would translate to an approximate 7% gain from current price levels.

Despite the recent pullback, the analysis suggests the bullish trend may not have completely dissipated. Instead, this phase could represent a period where the price is seeking renewed strength, heavily influenced by the reaction at key support zones.

Selling pressure shows signs of easing

Bitcoin lost about 1.24% of its value in the last 24 hours, but data from crypto exchanges indicates that selling pressure has started to diminish somewhat. Over the same period, the change in exchange reserves was a negligible minus 0.02, signaling only a slight decrease in Bitcoin sent to trading platforms.

In crypto markets, shrinking exchange reserves are often viewed positively, as they may indicate investors moving assets off exchanges rather than preparing to sell. This shift can provide short-term relief for prices.

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