Bitcoin (BTC) recently lost momentum, failing to reclaim the $70,000 mark and turning downward. As selling pressure persisted, BTC slipped below $64,000 and has been trading near the $63,000 level.
Critical support at $64,000
According to cryptocurrency analyst Ali Martinez, who shared on-chain data on June 18, BTC may be preparing for a move back towards $69,000. However, he emphasized that this scenario depends on whether the $64,000 support holds firm.
Based on Ali Martinez’s analysis, maintaining the $64,000 support could allow BTC to target the next major resistance area of $69,000.
Martinez points out that $64,000 serves not just as a short-term support, but as a crucial threshold that may define BTC’s next decisive price action. If BTC falls and stays below this level, expectations for an upward move could diminish.
Charts shared by Martinez show Bitcoin trading within a rising price channel, but recent price action appears compressed around the $64,538 mark. Should this technical pattern persist, BTC could regain momentum; if support fails, downward pressure may continue.
Potential for a 7 percent rise
If Bitcoin remains above the $64,000 level, the next major resistance stands at $69,000, suggesting a potential gain of around 7 percent from current prices.
| Indicator | Level | Significance |
|---|---|---|
| Current price | Around $63,000 | BTC is trading below its support zone |
| Key support | $64,000 | Level to watch for bullish continuation |
| Resistance target | $69,000 | Next level if support holds |
Despite the pullback in recent days, analysis does not suggest that bullish momentum is entirely lost. On the contrary, Bitcoin may simply be consolidating before another attempt to strengthen, depending on its interaction with the support region.
Selling pressure shows slight decrease
Although BTC dropped approximately 1.24 percent in the last 24 hours, exchange data indicates a modest reduction in selling pressure. The exchange reserve decreased by 0.02 during the same period, pointing to a slight reduction in Bitcoins sent to trading platforms.
A decline in exchange reserves is often seen as positive in the crypto market since it may imply that investors are withdrawing assets from exchanges. This can reduce short-term selling pressure on price.
The mild decrease in exchange reserves signals waning selling pressure, suggesting that BTC could attempt an upward breakout if favorable conditions arise.
