is down from its intra-week high of about $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with marginal gains of just over 2%. Although Bitcoin has failed to rise above the overhead resistance, buyers have remained in place
Farside Investors data shows roughly $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week. That takes the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6.The strong buying suggests traders anticipate the up move will continue
However, Bitcoin fell on June 7, which pulled several altcoins lower. Trader Daan Crypto Trades said in X post that Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during the fall. The decline does not seem to have unnerved investors.QCP Capital believes that Bitcoin and Ether will likely form local lows as the Federal Reserve’s future actions may benefit risk assets
Bitcoin turned down sharply from the minor resistance of $72,000 on June 7, signaling that the bears remain active at higher levels
The pullback is finding support at the 20-day exponential moving average ($68,603), suggesting that the bulls continue to view the dips as a buying opportunity.If the price rebounds off the 20-day EMA with strength, the bulls will again try to drive the BTC/USDT pair to the overhead resistance of $73,777. A break and close above this resistance could open the doors for a potential rally to $80,000 and then to $88,000
Conversely, if the price breaks below the 20-day EMA, it will signal that the bulls have given up.That may pull the price to the 50-day simple moving average ($65,807)
Bitcoin has been trading between $66,500 and $72,000 for some time.The failure to push the price above the overhead resistance has started a retracement, which is trying to find support near $69,000.Buyers will have to push and maintain the price above the 20-EMA to improve the prospects of a rally to $72,000
On the downside, a close below $68,420 will tilt the short-term advantage in favor of the bears
