Bitcoin could not maintain its upward momentum in recent days and could not exceed the 70 thousand dollar threshold again and turned its direction downwards. As the price has been under pressure for a while, the asset fell below 64 thousand dollars again and transactions continue around 63 thousand dollars.
The 64 thousand dollar level came to the fore
Cryptocurrency analyst Ali Martinez stated that Bitcoin may be preparing for a move towards $69,000 again, based on the on-chain data he shared on Thursday, June 18. However, he emphasized that the level of 64 thousand dollars must be maintained for this scenario to occur.
According to the assessment shared by Ali Martinez, if the level of 64 thousand dollars can be maintained, it seems possible for Bitcoin to head towards the next strong resistance zone, which is 69 thousand dollars.
According to the analyst, $64,000 is not only a short-term support point, but also a critical threshold that can shape Bitcoin’s next significant price movement. If there is a permanent drop below this level, the upward expectation may weaken.
In the chart shared by Martinez, it is seen that Bitcoin is traded in a rising channel, and the latest price movements are stuck around $ 64 thousand 538. It is evaluated that if this technical structure is maintained, the price may gain momentum again, and if support is lost, downward pressure may continue.
Target is 69 thousand dollars, possible increase is about 7%
In the current outlook, if Bitcoin holds above $64,000, the level of $69,000 stands out as the next resistance area. This indicates an upside area of approximately 7% compared to current prices.
| Indicator | Level | Meaning |
|---|---|---|
| current price | Approximately 63 thousand dollars | Bitcoin is trading below the support zone |
| critical support | 64 thousand dollars | Monitored to maintain upside scenario |
| Resistance target | 69 thousand dollars | Level that may come to the fore if support is maintained |
Despite the pullback over the last few days, the analysis does not indicate a complete end to the uptrend. On the contrary, it is reported that the price may seek to regain strength and this will depend on the reaction in the support area.
A limited weakening was observed in sales pressure
Although Bitcoin has lost approximately 1.24% in value in the last 24 hours, stock market data shows that the selling pressure has eased somewhat. The change in the stock exchange reserve in the same period was minus 0.02, indicating that there was a limited decrease in the amount of Bitcoin sent to the market.
In the crypto market, a decline in exchange reserves is often interpreted as a positive signal, as it can indicate that investors are withdrawing their assets from trading platforms. This appearance stands out as one of the factors that can provide relief on the price in the short term.
The slight decrease in the stock market reserve indicates that the selling pressure has begun to weaken and the price may try to break upward again if suitable conditions occur.
