Bitcoin price hits new June lows while open interest stays above $35B

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Bitcoin (BTC) dropped under $67,000 into the June 11 Wall Street open as markets staged a classic pre-inflation report comedown.

BTC/USD 4-hour chart. Source: TradingView

BTC price dip: “Much ado about nothing?”

Data from Cointelegraph Markets Pro and TradingView showed new local BTC price lows of $66,696 on Bitstamp — its worst month-to-date.

Having dropped for almost 24 hours in a row, Bitcoin failed to buck the trend on the day as risk assets prepared for a deluge of United States macroeconomic data and Federal Reserve commentary.

Now down 3.6% on the day, BTC/USD fielded various downside targets from traders, these extending toward $60,000.

“Getting closer to support. Will be looking to enter longs if a reversal presents itself,” popular trader Roman told subscribers on X (formerly Twitter) on the day.

“Ultimately I’ve been eyeing the 67k support for over a week so it’s about time we’re getting close.”

BTC/USD chart. Source: Castillo Trading/X

Fellow trader Castillo Trading agreed, focusing on a slightly lower buy zone at around $64,000.

“We knew some downside was possible on $BTC. Was hard to open up fresh longs above $70,000. Now, we are getting into an area I am more willing and comfortable looking to add,” part of an X post stated.

Others called for calm amid overall rangebound price action, with Bitcoin consolidating below all-time highs for nearly three months.

“Week 15 of chopping below the current all-time highs,” popular trader Jelle noted.

“We’re off to a red start this week, pushing back into the key support level at $67,500. May be uncomfortable, but nothing has changed. Don’t get shaken out.”

BTC/USD chart. Source: Scott Melker/X

Trader, analyst and podcast host Scott Melker called the latest price action “much ado about nothing.”

“Decent drop today, but simply testing support at the range EQ – still trading in the top half of the range. 3 months into the predictable chop that comes with this part of the cycle,” he reasoned.

Open interest presents “high-risk situation”

A note of caution came from market observers monitoring open interest (OI) on derivatives markets.

Related: Bitcoin hash ribbons flash the first buy signal since $25K BTC price

Source: Byzantine General

This hit new all-time highs in June, passing $37.6 billion, in what has traditionally been a classic warning of BTC price volatility.

Bitcoin futures OI decreased as price retreated, data from CoinGlass showed, but remained above $35 billion.

Bitcoin futures open interest (screenshot). Source: CoinGlass

For Filbfilb, co-founder of trading suite DecenTrader, the writing was on the wall.

“Price flat, OI up $1.5bn. High-risk situation,” he summarized.

Filbfilb contributed what he called a “worst case scenario” for BTC/USD, this including downside wicks to as low as $45,000.

BTC/USD chart. Source: Filbfilb/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.