Bitcoin extended its decline by over 3% this week as bears continued to exert selling pressure. Despite the price dipping below the short-term holder’s realised price of $64,230, the correction did not deepen, indicating that bulls are attempting to defend this level, representing the aggregate cost basis of wallets holding Bitcoin for 155 days or less. Investor data shows sustained outflows from spot Bitcoin exchange-traded funds (ETFs) since June 13th, highlighting investor nervousness about Bitcoin’s near-term prospects.
At the time of writing, BTC was trading at $62,844.
Significant Year-to-date movements
Bitcoin dropped to $56,552 after correcting almost by 23% from its all-time high of $73,777. The lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied to $71,979. However, the bulls did not succeed in breaking the all-time high and the asset struggled to sustain above the $70k mark and the prices corrected to $62,695. BTC has a strong support zone from $62,000 to $60,000 whereas $66,500 will act as a strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $66,500 | $73,777 |
