Bitcoin Retests $66,000: Will BTC Fall Even After Donald Trump’s Assurance?

Bitcoin bears continue to wreak havoc, looking at price action in the daily chart. Even though bulls were optimistic, looking forward to prices bouncing from the $66,000 level, prices dumped right through the May 20 lows. The sell-off was a mark of weakness, suggesting that the trend is now shifting and favoring bears, at least in the short term. Accordingly, traders should adjust their outlook, perhaps looking for liquidation opportunities on every attempt higher.

Over the last 24 hours, Bitcoin is down 2% while pushing losses to over 5% in the last week of trading. At this pace, BTC may be slipping to as low as $60,000 in the sessions ahead, especially if trading volume swells in tandem. When writing, the average trading volume is at $26 billion. The sell-off could see more bears position themselves for even more losses.

The following Bitcoin news developments should be closely monitored:

• Donald Trump, the United States presidential candidate, reiterated his support for cryptocurrencies. Yesterday, he said that if elected, the goal would be to end Biden’s war on the industry. Additionally, Trump said he will strive to make America a crypto leader.
• In El Salvador, President Nayib Bukele is establishing a Bitcoin bank. According to public data, the country is one of the largest holders of BTC.

Bitcoin Price Analysis

BTC/USD is sliding when writing, looking at the last day and week performance.

So far, bears are retesting the $66,000 level after temporarily dropping this line on June 14.

Considering how price action is shaping up in the daily chart, traders can look for opportunities only if there is a sharp close below $66,000. If the confirmation of the June 14 bar is with rising volume, Bitcoin could slump even lower, dropping to $60,000.

However, if BTC find strength, bouncing from the spot level, and ideally closing above $70,000 this weekend, there could be more room for growth.

As things stand, conservative traders can stay on the sidelines until there is a trend definition.