Why Bitcoin (BTC) is Struggling to Break the $65K Barrier?

Published 20/06/2024, 08:51
Why Bitcoin (BTC) is Struggling to Break the $65K Barrier?
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The News Crypto -

  • Bitcoin ETF launched in Australia last day and started trading on ASX.
  • The price of BTC declined by 0.14% over the past day.

In the past few days, the entire crypto market has been struggling with the consolidated price range as the bears are currently ruling the market. Bitcoin, the largest asset by market cap has experienced a price dip, and couldn’t break the $65K level for a long time. Bitcoin’s market attention over the past week has diminished causing the altcoins to drop in price significantly.

Over the past week, the BTC price has been down by 3.21%. Following that BTC’s daily price declined to 0.14%, priced at $65,440, according to CMC data. Its daily trading volume has decreased by 46.61% and stood at $18 billion. Its current market cap is $1.28 trillion. The Bitcoin price hit between $70K and $71K in early June.

Meanwhile, VanEck’s spot Bitcoin ETF started trading yesterday on the Australian Securities Exchange (ASX), the leading exchange in Australia. VanEck’s BTC ETF is a feeder fund for the VanEck Bitcoin Trust, with an initial investment of A$985,000. The trading volume exceeded $1.5 million within a few hours of the fund trading.

Are Bulls Taking Up the Price?

Analyzing the past week’s price action of Bitcoin, we can observe that it has caused tension in the entire crypto market. It stood in the $64-65K price range, leaving traders in distress. Bitcoin’s daily Relative Strength Index (RSI) stands at 41.97 indicating nearing oversold territory, and the EMA shows the sell signal.

If the BTC bulls favor the price to hit above $66K, the first key resistance could be at the $66,380 level. If the bull run continues, the next major resistance can be found at $67,000. A further gain will lead the price to the $68K range.

Assuming the bulls can’t defeat the bears, the price may dip to the initial support zone of $64,456. If the price continues to dip, the next support will be in the $63,671 range. Furthermore, if the price drops, it might head to the $62,579 level.

This article was originally published on thenewscrypto.com

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