Bitcoin (BTC) price has declined by more than 8% over the last four days after rallying to $72,000 at the end of last week.

Data from Cointelegraph Markets Pro andCoinbase shows that the BTC price fell from a high of $69,547 on June 11, dropping 4.5% to reach an intraday low of $66,680.

BTC/USD daily chart. Source: TradingView

Bitcoin’s price drop coincides with a drawdown in the broader crypto market and the growing inflation fears in the U.S. TheJune 10 outflows from the U.S. Bitcoin exchange-traded funds (ETFs) are also exacerbating the downward pressure on BTC price.

Analysts set sub-$65,000 target for Bitcoin price

Bitcoin has displayed unprecedented price action in 2024 by hitting all-time highs before the halving event and rising more than 50% year-to-date. A series of rejections from the $72,000 level has left market participants wondering whether the flagship cryptocurrency has reached its top.

At the time of publication, BTC price is trading 10% below its all-time high of $73,835 and has dropped 7% from its local top around $72,000, and some analysts are now convinced that the cryptocurrency will descend into the $60,000 to $65,000 range.

Founder of MN Capital Michael van de Poppe expects the Bitcoin price to dip into the higher end of the $64,000 to $65,000 range, citing the upcoming FOMC meeting and CPI data as a likely cause of the correction.

“This week, we’ve got CPI, PP, and the Fed meeting. It’s like clockwork: every time there’s a Fed meeting, the crypto markets correct substantially beforehand.”
BTC/USD daily chart. Source: Michael van de Poppe

He added that “the same price action took place” in the previous month’s head of the U.S. CPI reading and FOMC meeting.

At the same time, a lack of bid liquidity below the spot price kept the odds of a return to lower support levels in play. Trading resource Material Indicators warned of weak bid support, noting a lack of heavy concentration down to $60K.

“Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated, “Material Indicators wrote in part of its latest BTC price analysis on X.

An accompanying video showed the nearest patch of significant bids still centered around $60,000 on the Binance BTC/USDT order book.

“This move isn’t over. In fact, I expect these killer whale games to continue up to and through Jerome Powell’s comments on Wednesday and economic reports on Thursday.”

BTC/USDT order book liquidity on Binance. Source: Material Indicators

Interestingly, Material Indicators’ bearish perspective coincides with significant liquidity building up just above the $60,000 support level, as shown by data from Coinglass.

Bitcoin liquidation heatmap. Source: Coinglass

Related: BTC price risks $60K dive as Bitcoin bid liquidity thins on new 3% dip

200-day EMA provides last line of defense for Bitcoin

From a technical point of view, Bitcoin’s price was sitting on immediate support at $65,000.

Losing this support may cause the price to drop from the current levels, collecting the demand-side liquidity below it toward the 200-day EMA, currently at $63,934.

BTC/USD daily chart. Source: TradingView

The 50-day EMA sits within Bitcoin’s key support zone between $62,800 and $64,815. After being held in March, this support preceded a 14% surge in price to $72,777 on April 8. According to IntoTheBlock’s IOMAP chart below, more than 475,800 BTC were previously bought by more than $1.42 million addresses within this price range.

Bitcoin IOMAP chart. Source: IntoTheBlock

Since this area provides relatively strong support for the BTC price compared to the resistance it faces in its recovery path, it could be where the downside is capped for the short term.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.