Bitcoin Lifeline at $66,000, BlackRock Says BTC Adoption Inevitable

Bitcoin is stable but bearish with support at $66,000. BTC traders are watching this reaction line, if breached, prices could reach $60,000

Dalmas Ngetich•Monday, June 17, 2024•2 min read

Bitcoin is flat, unmoved at the time of writing, looking at the performance in the daily chart. Technically, price action favors sellers, at least in the short term. There will be confirmation of weakness if $66,000 is decisively broken in the sessions ahead. However, if there is a stellar recovery from spot rates, the possibility of BTC flying even higher to above $70,000 would be high. All eyes are on the $70,000 to $72,000 resistance band, assuming prices recover.

In light of the price action over the weekend, Bitcoin is flat in the past 24 hours, while up 5% in the previous trading week. Although there is confidence since prices stabilized, traders are waiting for a breakout in either direction before committing. Before then, the average trading volume is relatively low, standing at over $16 billion at press time.

Bitcoin Daily Chart for June 17

The following Bitcoin news events are worth tracking today:

While commenting on why some investment firms are wary of getting exposure, one BlackRock executive said they will eventually join the bandwagon. In her view, these conservative organizations are on a “slow adoption” path. Billions have been invested in BTC via spot ETFs offered by Fidelity, Bitwise, and other issuers.
Deutsche Telekom, one of Europe’s largest telecommunication providers, would soon begin mining BTC. Since 2023, the firm has been running BTC nodes. Nonetheless, specifically when they will fire up their rigs is tentative.

Bitcoin Price Analysis

Traders are upbeat.

Even so, BTC/USD remains within a bearish path, stable on the last day but retesting a critical support level.

Technically, if there is a sharp break below $66,000 and May 20 low, BTC would crash to as low as $60,00. This pattern would confirm sellers of June 7 and 11, potentially setting the coin for even deeper retracements after the surge in Q1 2024.

Conservative traders should watch how prices react at $66,000 and the resistance rim at $70,000 and $72,000.