Bitcoin Flips Red As Bears Reject Higher Prices above $72,000
Bitcoin is down at spot rates, finding rejection from the $72,000 level. BTC bulls still have a chance provided $66,000 holds
Bitcoin turned lower today, reversing all gains of May 27. Even though the uptrend remains, the failure of bulls to follow through and break $72,000 is a huge concern. Technically, bulls have the upper hand, but it is imperative that the resistance level be broken for trend continuation. Until that happens, conservative, risk-on traders can wait on the sidelines. If bulls fail to flow back, BTC risks dipping below $66,000.
As things stand, Bitcoin is back in red, stable on the last day but down 5% in the previous week. Even though the path of least resistance remains upward, at least from a top-down preview, the current state of affairs presents headwinds for optimistic bulls. The dip to spot rates now means trading volume is down to $29 billion in the past day, according to CoinMarketCap data.
The following Bitcoin news events are worth watching:
- Bitcoin prices are trending lower as Mt. Gox wallets, on-chain data shows, move over $7 billion to another unknown wallet. The over 107,000 BTC moved is when the defunct exchange plans to distribute funds to affected victims before October this year.
- When BTC prices briefly spiked above $70,000 on May 27, Coinglass data showed that over $27 million worth of leveraged short positions were liquidated.
Bitcoin Price Analysis
BTC/USD is trending lower at spot rates, looking at price action in the daily chart.
With prices back to spot rates, Bitcoin remains within a horizontal consolidation.
Unless there is a break below $66,000, buyers are in control.
However, as mentioned earlier, bulls must force the coin above $72,000—an immediate liquidation line.
Ideally, the breach of $72,000 must be with expanding volume. This could set the ball rolling for a retest of $73,800 in a buy-trend continuation.
If today’s bears press on, forcing BTC below $66,000, the next stop would likely be $60,000.
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