‘Buy the dip?’ Bitcoin price drops to new 1-month lows of $64K
Bitcoin returns to $64,000 for the first time since mid-May as a BTC price rebound gets canceled out in hours.
BTC Price Weakness Sees $64,000 Return
Data from Cointelegraph Markets Pro and TradingView indicated a return of volatile BTC price conditions during the previous day’s Wall Street trading session.
Bitcoin briefly reached local highs of $67,250, but momentum quickly stalled as sellers took control, driving the price down to $64,050 within hours.
This drop marked the lowest level since May 15, prompting a negative reaction from market observers.
“As we can see here the bounce was led by Coinbase spot primarily and some buying from Bitfinex,” popular trader Skew explained in market coverage on X.
Skew noted that the recent sweeping lows were “not uncommon” behavior.
“A good sign here is spot premiums and pretty low funding,” he added, referring to the current funding rates across exchanges.
Data from monitoring resource CoinGlass showed fluctuating liquidity conditions on BTC pairs following the latest lows.
“Funding rates are slightly positive, indicating bullish sentiment. Buy the dip,” the platform advised its X subscribers.
Popular trader Credible Crypto identified a “dream” zone for going long on BTC, starting at around $63,500, while speculating whether the price could dip further.
“The chances of reaching this zone are mixed. Yes, we could technically dip lower into the ‘dream long’ zone, but as I’ve mentioned before, it wouldn’t surprise me to see that zone front-run,” he commented on X, urging followers to “watch for a low timeframe impulse” move.
