Finance

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

Bitcoin wobbles further into key U.S. macro events as surging open interest concerns longtime market participants.

Written by

Marcella Plazas

Published on

June 12, 2024

Bitcoin dropped under $67,000 into the June 11 Wall Street open as markets staged a classic pre-inflation report comedown.

*BTC/USD 4-hour chart. Source: TradingView*

BTC price dip: “Much ado about nothing?”

Data from Cointelegraph Markets Pro and TradingView showed new local Bitcoin BTC $67,835 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 risk assets prepared for a deluge 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 extending toward $60,000. “Getting closer to support. Will be looking to enter longs if a reversal presents itself,” popular trader Roman told subscribers on X on the day.

*BTC/USD chart. Source: Castillo Trading*

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 stated.