Bitcoin Stabilizes Above $66,000: Will Trump Fever Pump BTC To All-Time Highs?

Bitcoin continues to range, judging by its performance in the daily chart. Even though the uptrend, at least from a top-down preview, is valid, it is critical for prices to trend above $66,000. This level of support also coincides with the low of the May 20 bull bar. If buyers are successful, this reaction line may anchor the next wave higher toward $70,000 and $72,000.

As it is, Bitcoin remains under immense pressure and continues to consolidate, soaking in attempts for higher highs. At press time, the coin is stable on the last day but up 2%. This formation is an improvement from yesterday, especially considering trading volume, which is up $27 billion at spot rates. Technically, price action evolution will significantly impact engagement. Therefore, like on May 20, any break above $72,000 might see a record uptick in the average trading volume.

Bitcoin daily chart for May 31

Thus far, the following Bitcoin news events will shape price action in the short term:

  • Reports show that two capital markets are reportedly negotiating and looking to implement MicroStrategy’s overly successful business model. As of late May 2024, the business intelligence firm is a public company with the largest holding of BTC.
  • Elon Musk, the brains behind Tesla, is reportedly advising former President Donald Trump on Bitcoin and crypto policy ahead of the highly charged elections.

Bitcoin Price Analysis

BTC/USD prices stabilized on May 30.

The primary support is now at the 20-day moving average and $66,000.

Since the May 20 bar still influences the short to medium-term trajectory, buyers are in control.

An aggressive approach would be to load the dips, targeting $72,000.

However, risk-on traders can wait for a conclusive close above $72,000 to buy, targeting $73,800 and fresh all-time highs.

A sharp, high-volume and wide-ranging bar forcing Bitcoin below $66,000 will cancel this outlook.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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