The News Crypto -
- Bitcoin price currently trades around $69K with a surge of 1.13% over the past week.
- The Relative Strength Index (RSI) stands at 56 in the neutral zone.
Bitcoin has achieved its second-highest weekly close ever, with massive ETF inflows emerging as a major bullish catalyst amidst being stuck in a bearish trap. On June 7, the Bitcoin price surged to $71,833, its highest price since May 21. However, it failed to reach the $72,000 resistance level due to the U.S. employment report in May.
Meanwhile, over the past 48 hours, the Bitcoin supply held by the whales with 100,000 BTC has decreased by 0.2%. This implies that the investors are repositioning their holdings or cashing out.
Looking at the long run, the Bitcoin Wyckoff pattern indicates that Bitcoin could hit an all-time high of $85,000 but needs to move above $71K to confirm a breakout. Currently trading at $69,498 at the time of writing. And over the past week, it was up by 1.13%. The 24-hour trading volume was $14.48 billion, up by 9.98%.
BTC Price Chart (Source: TradingView)
Will Bitcoin Bulls Win Over?
The Bitcoin price dropped to the $69K range instead of sustaining the upward momentum in the range of $70-71K. Bitcoin’s daily Relative Strength Index (RSI) stands at 56.08, at the neutral level, balancing between bullish and bearish positions.
After evaluating the price momentum of Bitcoin, if the bulls push the price to remain above $70,000 and continue to increase, the initial resistance could be in the range of $71,970. Assuming the bullish trend continues, the next major resistance is to be found at the $72,900 level. A further gain will drive the price towards the $73,800–74,000 range.
Contrarily, if the bulls fail to perform with upward momentum, the bears take the lead, and the price may drop to the $68,430 support level. If it continues to dip sharply, the next key support will be in the $67,220 range. The additional drop might drive the price toward the $66K–$65K support zone.
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This article was originally published on thenewscrypto.com
