BTC
tickers down
$61,627
risks losing its overall uptrend if it ends June below $56,500, a new BTC price warning says.
In market coverage on X (formerly Twitter) on June 26, trading resource Material Indicators highlighted a key line in the sand for Bitcoin bulls.
May lows become BTC price make or break level
$BTC /USD hit its lowest levels since the start of May this week — and those old lows are now firmly in focus within trading circles.
Market pressure is likely to increase through the end of the week, Material Indicators predicts — not least due to the weekly, monthly and quarterly close all coming on a single day.
Should bears gain the upper hand, the $56,500 level from seven weeks ago will form the floor of a bottoming zone that buyers need to defend.
“So far, Bitcoin seems to be recovering nicely from this week's mini flush,” co-founder Keith Alan commented alongside a chart from one of Material Indicators’ proprietary trading tools.
“There is always a chance that price goes back to retest the lows before Sunday, but as long as the monthly candle closes within or above the red box, then the trend remains in tact.”
