Bitcoin Price Drops Below Key Trendlines, Analysts Expect Further Downside

Bitcoin (BTC) failed to reclaim $65,000 after the June 18 Wall Street open, and analysts predict further downside for the price. BTC has lost 3% on the day and is now down $7,900 since the downtrend began on June 9. Several key support levels have been broken, including the 21, 50, and 100-day moving averages. Analysts are concerned that the short-term holder cost basis at just under $64,000 may also be broken, which could further drive the price down. Order book activity is showing signs of manipulation, with large blocks of liquidity being posted and removed in an attempt to drive the price in a certain direction. Meanwhile, altcoins are also suffering from a lack of news flow, with some seeing losses of 20-30%. Trading firm QCP Capital suggests a wait-and-see approach to “boring” markets and believes that the lack of news is driving out weak hands.