Bitcoin (BTC) Price Analysis: Bulls Struggle as BTC Nears Six-Week Lows

Bitcoin (BTC) continued its downward trend, nearing six-week lows on June 21 as traders expressed concerns over the lack of buyer activity. The cryptocurrency hit $63,356 on Bitstamp, down 3.7% week-to-date and 5.75% in June overall.

Market analysts noted that while some buyer interest was returning at the lows, sustained bidding would be necessary for a broader recovery. Popular trader Skew highlighted the need for buyers to push for control in order to see a bounce in the price.

Despite some positive indicators such as bull divergences on the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) on four-hour timeframes, Bitcoin failed to reclaim the range lows and continued to trend lower.

With its latest dive, Bitcoin crossed a key bull market trendline known as the short-term holder cost basis (STHCB), reaching $64,000. This level had previously acted as support since the end of the 2022 bear market.

Market observers reacted to this development, with commentator On-Chain College noting that it was “time for Bitcoin to battle.” The 21-week simple moving average (SMA) at $63,074 was also highlighted as another point of interest by Keith Alan, co-founder of trading resource Material Indicators.

Overall, the cryptocurrency market remained volatile, with traders closely monitoring key levels and indicators for potential price movements. As always, readers are advised to conduct their own research and exercise caution when making investment decisions.