📢 Bitcoin Technical Analysis – We are back at the key support zone:😱😱😱😱
🔥Bitcoin has been struggling despite some good economic data and generally positive risk sentiment. What’s next?
✍️Fundamental Overview
Despite good data on the inflation and growth front, Bitcoin couldn’t find a sustained bid amid the generally positive risk sentiment. We got a quick drop into a key support zone today on the news that Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July after years of postponed deadlines. Crypto traders have been aware of this event coming, although the timing was unknown.
Now, the market could see some furhter selling pressure into the first week of July, but this could also mark the bottom of the correction since the 72K level and see the buyers dipping their toes around these levels for a rally into new highs.
✍️On the daily chart, we can see that Bitcoin dropped all the way back to the key 60000 support zone after breaking below the 67275 level. The sellers for now remain in control but we can expect the buyers to start piling in around these levels with a better risk to reward setup.
✍️Bitcoin Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can see more clearly the key levels for the buyers which will be:
the support zone around the 60000 level and
the major trendline around the 58000 region.
The sellers, on the other hand, will want to see the price breaking below those levels to increase the bearish bets into new lows.
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