Bitcoin Price Risks $62K Dip as Sellers Return to Exchanges

Bitcoin (BTC) extended its losses into the June 17 Wall Street open as bulls failed to mount a comeback, dropping to $65,066 on Bitstamp, nearing one-month lows. Despite hopes for a rebound, traders remain cautious, with support levels extending down to $60,000. The $65,000 mark represents a major liquidity level, and on-chain analytics platform CryptoQuant noted an uptick in coins being sent to exchanges, indicating potential selling pressure. Notably, a significant portion of the sent Bitcoins last moved between three and six months ago, suggesting a potential for further price drops. Traders are closely watching for signs of a higher low to signal a potential rebound, while others are looking for a flip of the $67,300 level to support. However, the overall sentiment remains cautious, with analysts warning of a potential free fall if the selling pressure intensifies.