Bitcoin fell to about $6.23 million on June 19, 24 hours down close to 3 per cent. The fall was influenced by both the expiry of options, the multiple-leveraging liquidation, the expectation of a business selling currency and macro-pressures, with the market focus shifting to the $61,000 to $62,000 supporting areas.
Increased decline in maturity and liquidation
Market data show that recently around $2.33 billion in bitcoin and ETA contracts have expired. The CoinGlass data show that some $136 million of the Bitcoin warehouse has been liquidated in the past 24 hours, of which approximately $122 million comes from multiple sources.
After the price fell by $63,000, the leverage was more passive and pushed further up the sales pressure. At the same time, the market is absorbing news that Strategy might sell between $3 billion and $4 billion bitcoin, which increases short-term emotional stress.
The dollar goes up and up and up and down.
At the macro level, the strengthening of the dollar continues to stifle risky assets. It was reported that the market was still assessing the impact of the first policy meeting of Federal Reserve Chairman Kevin Walsh, and that interest rates were expected to stay high for longer.
The mining industry also brought additional pressure. Institutional analysis shows that Bitcoin has been below the network production cost of approximately $78,000 for five consecutive months, and that this has led to the sale of warehouses by some mining companies to cover operating expenses and liabilities.
Focus on $61,000 to $62,000
The market is currently paying close attention to the $61,000 to $62,000. The analysts believe that, if the support belt fails, Bitcoin could fall further near $59,000.
The distribution of liquidity also shows the importance of this position. The CoinGlass heat tries to show that there are between $6.35 million and $65,000 in more intensive liquidation areas and that there is a concentration of liquidity around $621 million. If the price rises to the upper zone, it may trigger a headback; if it continues to break down, new areas of liquidity below may be opened.
The resistance up there is still around $65,000.
The report mentions that approximately $64.95 million and $6.67 million, respectively, correspond to the recent significant retreats and the inter-district medians, and also overlap with the settlement areas where the derivatives market is more concentrated. If prices are delayed to recover the area, the market ' s interest in the bottom-up support may continue to rise.
Additional information:It was also mentioned that the recent outflows of ETF funds, as well as the continued shift of some funds to technology and AI equities, also weakened the demand for bitcoin at the macro-uncertain stage.