Bitcoin's recent price action has left traders and investors on edge, with the cryptocurrency failing to find support and tumbling below $64,000. As of June 21, Bitcoin neared six-week lows, with its short-term holder cost basis being crossed in a rare show of weakness. The BTC/USD pair struggled to find acceptance even at the $64,000 mark, down 3.7% week-to-date and 5.75% in June overall.

Analyzing the current market structure, popular trader Skew noted that some buyer interest was returning at the lows, but sustained bidding would be needed to fuel a broader recovery. The lack of real market participation has been a concern, with price at the mercy of automated trading algorithms throughout the week. Fellow trader Roman pointed out that Bitcoin's Relative Strength Index (RSI) and Moving Average Convergence/Divergence indicators on four-hour timeframes could potentially set up a springboard for a BTC price rebound.

The crossing of the short-term holder cost basis, also known as realized price, at $64,000 has not gone unnoticed. This key bull market trendline has acted as support since the end of the 2022 bear market. Market observers are keenly watching how Bitcoin interacts at this level throughout the day. Additionally, the 21-week simple moving average (SMA) at $63,074 has been flagged as another point of interest, although order book liquidity is relatively low around that area.

As Bitcoin continues to bleed lower, traders are warning that buyers have yet to step in. The RSI stays above the 30 level, making it "interesting behavior." With the cryptocurrency facing a rare 'extended level' of FUD (fear, uncertainty, and doubt), market participants are advised to exercise caution and conduct thorough research before making any investment decisions.

In conclusion, Bitcoin's price plunge below $64,000 has raised concerns among traders and investors. Key support levels, such as the short-term holder cost basis and the 21-week SMA, are being closely watched. As the market continues to evolve, it is essential to stay informed and adapt to changing conditions to make informed investment decisions.