Bitcoin is printing lower lows, looking at the performance in the daily chart. With every red candlestick printed, the upside momentum fades. If bears press on today, it is likely that all gains of May 20 will be reversed, increasing the probability of a breakout below $66,000. On the upper end, $72,000 would have successfully rebuffed bullish momentum once more; highlighting its significance.

When writing, sellers are in control as BTC changes hands at around $67,100. Despite the high optimism, Bitcoin is in red, dropping by 1% in the past 24 hours and 3% in the previous week. Since there is a direct correlation between prices, sentiment, and participation, dwindling upside momentum has seen the average trading volume on the past day shrink to $27 billion.

The following Bitcoin news events will likely shape price action in the days to come:

• Today, over $4.5 billion of options contracts will expire. Most of them are calls as options traders expected prices to breach the $70,000 level by the end of the month. Analysts have picked out $65,000 as the “max pain point, ” a price level where most call options will be out of the money and, therefore, worthless.
• BlackRock’s IBIT is now the largest spot Bitcoin ETF in the world after flipping Grayscale’s GBTC. Even so, the upward trajectory will largely depend on price action. Any expansion above $70,000 will trigger more institutional inflow, widening the gap.

Bitcoin Price Analysis

The path of least resistance, at least from a top-down preview, is northwards.

At spot rates, BTC/USD is inching lower in the short term.

The immediate support level is $66,000 and May 20 lows. On the upper end, resistance is at $72,000.

If buyers are to take charge, Bitcoin prices must break $72,000, confirming the bulls of May 20. In that case, BTC will likely float to $73,800.

On the other hand, losses below $66,000 might fast-track the retest of $60,000.