Since March 14, Bitcoin (BTC) has been trading between $65,000 and $70,000.
If Bitcoin can hold above $69,000, it could trigger a rally to $70,600 and beyond.
Bitcoin (BTC) has showcased significant market fluctuations recently, reflecting mixed sentiment, among investors. Today Bitcoin’s price movements were influenced by the anticipation surrounding macroeconomic data and the impact of the Bitcoin Spot ETF. After briefly surpassing $70,501 on May 27, Bitcoin faced substantial support and dropped 5% in 2 days to $67,186.
Since reaching an all-time high of $73,750 on March 14, Bitcoin has struggled to maintain upward momentum above $71,500. Recent price action has shown BTC trading between $65,000 and $70,000, with bulls finding it challenging to push past resistance zones. The $69,000 level has become a critical battleground, with failed attempts to hold above it emphasizing its importance for bullish traders.
Is Bitcoin Breakout Imminent?
Despite these challenges, the daily price chart shows signs of potential recovery. Bitcoin’s relative strength index (RSI) indicates resistance around the $69,500 level, suggesting that any further price rally could find a solid base there. Additionally, institutional interest continues to grow, bolstered by the approval of Bitcoin Spot ETFs and the listing of physically backed BTC and Ethereum exchange-traded products on the London Stock Exchange.
Market sentiment has also been on the rise following the resurgence in buying activity among BTC whales. Since March, there has been a noticeable drop in buying interest, but the recent uptick suggests that the current price range is seen as an attractive accumulation zone.
Bitcoin (BTC) Price Chart (Source: TradingView )
At the time of writing, Bitcoin traded at $68,341 and climbed over 1.34% in the last 24 hours. Additionally, the daily trading volume of BTC soared over 7.16% to $28.4 billion.
If Bitcoin manages to hold above $69,000, it could trigger a rally, pushing prices to $70,600 and potentially higher to $71,350 and $72,100. A successful breach of $72,100 could see Bitcoin revisiting the $73,000 mark.
Conversely, if BTC fails to break above $69,000, it will result in a 5% decline to $65,550, with further drops to $64,760 possible. Falling below $64,500 could signal a deeper bearish trend.