Can $60K BTC price support hold? 5 things to know in Bitcoin this week

Bitcoin sentiment is taking a serious beating after BTC price weakness sees six-week lows return.

Bitcoin kicks off the last week of June, heading for a range-low retest as BTC price action nears $60,000.

Cointelegraph takes a look at the current BTC price landscape and investigates the main issues among traders in what is already shaping up to be a significant week for the market.

BTC price hits new six-week lows

Bitcoin disappointed after its latest weekly close, dropping steadily to hit $62,128 on Bitstamp, data from Cointelegraph Markets Pro and TradingView confirms.

BTC/USD 1-day chart. Source: TradingView

This represents its lowest levels since May 15, and with the weekly and quarterly close due in the coming days, bulls now contend with 7% month-to-date losses.

“BTC looks weaker than I expected and should see some more downside,” popular trader Crypto Ed wrote in part of his latest post on X, capturing the mood.

Crypto Ed added that altcoins, already suffering at the hands of the BTC price rout, could see another 20% dive.

Total altcoin market cap 1-day chart. Source: TradingView

Fellow trader Daan Crypto Trades meanwhile set out the key levels within Bitcoin’s multimonth trading range.

“Arrived at the golden pocket Fibonacci retracement level. If there’s bulls left that want to make this into a higher low then this is the spot,” he cautioned on the day. “A bounce should lead to a mid range retest, where failing to do so likely results in a range low retest.”

BTC/USDT perp chart. Source: Daan Crypto Trades

Data from monitoring resource CoinGlass showed BTC/USD cutting through bid support above $62,000. The past 24 hours liquidated around $48 million of BTC longs, it confirmed.

BTC liquidation heatmap (screenshot). Source: CoinGlass

PCE week comes as traders focus on Fed liquidity

The macroeconomic data whirlwind is set to make a return in the latter half of the week as U.S. jobless claims, revised Q2 GDP and the May print of the Personal Consumption Expenditures (PCE) index are all released.

Crypto markets have shown themselves to be sensitive to unemployment data, particularly in 2024, while PCE is known to be the Fed’s “preferred” gauge for charting progress on inflation.

“Tons of important data to wrap up Q2 2024 this week,” trading resource The Kobeissi Letter summarized on X.

Kobeissi added that PCE would be responsible for leading the market away from fears of “stagflation” setting in.

Matthew Dixon, founder and CEO of the crypto rating platform Evai, was among the crypto market observers who predicted that the Index would put the cat among the pigeons with a curveball reading.

“Market is waiting for #PCE this Friday 28th. The #FEDs preferred measure of inflation,” he told X subscribers on June 24. “I expect a lower than expected read which should turn #BTC #Crypto #Altcoins and other risk assets higher imo.”

Fed target rate probabilities for September meeting. Source: CME Group

The latest estimates from CME Group’s FedWatch Tool show that markets continue to see the Fed beginning interest rate cuts in September, and not earlier.

Bitcoin whales under the microscope

As Bitcoin heads toward $60,000, some are asking whether current levels represent an attractive trade to the whale population.

Recent weeks have seen order book “spoofing” driving prices toward liquidity on multiple occasions, producing artificial volatility.

While data shows some classes of whale increasing BTC exposure this quarter, the picture is not a uniform one, Cointelegraph reported.

As noted by popular social media commentator Bitcoin Munger last week, the largest class of whale contrasts with the rest in its accumulation trend.

Bitcoin whale accumulation trend data. Source: Bitcoin Munger

Fast forward to this week, however, and confidence in broad whale accumulation is growing at $62,000.

Data from onchain analytics platform CryptoQuant meanwhile shows an uptick in inflows to accumulation addresses beginning on June 20.

BTC inflows to accumulation addresses. Source: CryptoQuant

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