Bitcoin Capped Below $72,000 Despite Donald Trump’s Crypto Endorsement: What’s Next?

Bitcoin is up at press time, recovering from last week’s pits. Even though the uptrend remains, there should be a strong follow-through, confirming the gains of early last week. For now, there is weakness, and trading volume is also muted, following the gains of May 20. In the short term, BTC has resistance at around $72,000 while support is at $66,000, a region of interesting support. Any breakout in either direction will shape the short—to medium-term trajectory.

At press time, prices are flat, but encouragingly, Bitcoin bulls have the upper hand. Even though there were flashes of strength, the draw down of the better part of last week slowed down the upward momentum. The coin is stable on the last day and up just 4% in the previous trading week. At the same time, trading volume is at over $17 billion.

The following Bitcoin events are news making:

• While prices are relatively higher when writing, analysts expect several weeks of sideways movement. Liquidity is building on either side, creating equilibrium that prevents prices from shooting sharply. Typically, higher liquidity mutes price volatility, explaining the current state of price action.
• Former President Donald Trump is now a crypto and Bitcoin supporter. Even though this is positive, at least in the current regulatory climate, Samson Mow thinks it will be bad in the long term. Of note, the involvement of politics could compromise Bitcoin and blockchain’s core ethos.

Bitcoin Price Analysis

BTC/USD is trending upwards from the top-down preview.

Nonetheless, the pace of expansion is slowing down, at least according to the candlestick arrangement in the daily chart.

Bitcoin prices are still inside the high-volume, wide-ranging bull bar of May 20. Technically, this is bullish from an effort-versus-result perspective.

Still, for trend definition, BTC bulls must break $72,000. If the up-thrust is with rising volume, the coin might flow to all-time highs.

Conversely, losses below $66,000 could further slow down the leg up.