Bitcoin (BTC) starts the second week of June near two-week highs with traders keen to see bullish continuation.
Key points:
BTC price action targets nearby liquidity as a trader names the “most important” support zone to hold next.US stock-market performance gives analysis reason to believe that the good times will continue amid “record” retail risk appetite.A stock-market correction is not out of the question, new warnings conclude, but Bitcoin should have already priced in the fallout.Exchange inflow data reveals cooling panic among both retail and whale investors.Crypto market sentiment is at monthly highs, on the cusp of exiting “extreme fear.”
Bitcoin key support emerges as bulls eye $64,000
Bitcoin kept up pressure on short positions into the weekly close, hitting $63,960 — its highest levels since June 23, per data from TradingView.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Total crypto short liquidations for the 24 hours to the time of writing were just over $100 million, CoinGlass reports.
BTC/USD vs. crypto liquidation history (screenshot). Source: CoinGlass
Commenting on low time frames, X account Exitpump was among those attributing the moves to liquidity hunts.
“Seeing aggressive selling from spot markets, spot CVD (yellow) trending down while perps CVD (blue) is flat,” they reported on Monday, referring to cumulative volume delta on exchange order books.
BTC/USD chart with order-book data. Source: Exitpump/X
In the event of a reversal downward, trader Killa called the zone between $60,400 and $60,900 Bitcoin’s “most important.”
“If we cannot hold this price region on a revisit, I’m afraid we are going to trend directly to the lows again. Something to watch out for next week,” the analyst told X followers.
BTC/USD chart. Source: Killa/X
As Cointelegraph continues to report, market participants still see Bitcoin’s bear-market low as yet to come — despite a growing number of bullish trend reversal signals.
Trader Roman, who was long bearish on BTC/USD, stayed optimistic on longer time frames this week.
“Still looking excellent to continue our reversal to see…
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