$BTC #writetoBitcoin Below $70K Reveals Bull Trap, Will BTC Price Drop to $65K?
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Following the massive overnight recovery of 7.73%, Bitcoin price reveals exhaustion in buyers to sustain the trend. The BTC price took a 1.7% dip last night and is starting the Asian trading hours on a bearish tone.
Trading under the $70K levels, the buyers are taking the heat from overhead supply as the bull trap reveals itself. Will the short-correction start a bearish avalanche to slide the BTC price under the $65K mark? Or is it just a retest before a massive surge to a new all-time high?
Let’s look at our detailed price analysis for a clearer view of the BTC price trend. Further, you can check out our Bitcoin price prediction to find out the chances of Bitcoin hitting the $100,000 milestone this year.
BTC Price Performance
Almost reaching an all-time high, the BTC price fails to sustain the rally above $71K, resulting in a turnaround within 24 hours. Bitcoin takes a dip of 1.77% and retests the 23.60% Fibonacci level at $68,823 with a lower price rejection.
Tradingview
The lower price rejection bolsters the bullish point of view, and the post-retest reversal to continue the prevailing trend. Further, the bullish breakout of the flag pattern teases a jump beyond the all-time high at $73,794.
However, on closer inspection, the $71,400 level is now rejecting the bullish attempt for the third time. Hence, a high supply zone is visible and warns of a bearish turnaround.
Currently, the BTC price trades at $69,758 with an intraday drop of 0.54%. This reflects a bearish continuation and pressures the $68,823 support.
Bitcoin ETFs Mark 7D Positive Streak
On May 21, Bitcoin spot ETFs saw a significant inflow of $306 million, continuing a trend of seven consecutive days of net inflow. Grayscale’s GBTC had no net outflow for the day, while BlackRock’s IBIT saw a substantial single-day inflow of $290 million.
