Bitcoin bulls break $66K line once again

Bitcoin Bulls appetite has been elevated move this back within striking distance to break the $70K line

Olumide Adesina•Thursday, June 20, 2024•2 min read

Bitcoin Bulls within seconds broke the $66K resistance line at Thursday’s mid-trading session. Price action shows a locked-in bullish divergence, and the price attempts to stay above $66.3K line. Bulls’ appetite has been elevated and is now within striking distance of breaking the $70K resistance line.

Bitcoin’s price is still in a narrow range since it dropped from $70,00 to $60,000. Nevertheless, investors accumulate the largest digital asset in the world despite the protracted market downturn.
During the previous two weeks, the cryptocurrency traded sideways with little volatility outside the US CPI and FOMC-induced swings. However, some wallet holders have reduced their holdings since bitcoin hit over $70K.

The degree to which $66,000 is now crucial for order book liquidity can be seen in data from the monitoring tool CoinGlass, with $67,300 acting as resistance.
The oscillators of Bitcoin show conflicting opinions. With a relative strength index (RSI) of 41, neutrality is suggested. Similarly, the commodities channel index (CCI), which has a value of -124, shows a bullish phase, while the stochastic oscillator is neutral at 17.

Trading enthusiasts looked for a glimmer of hope within the generally dull BTC price activity that has been going on for a few weeks. According to market indicators, Bitcoin’s 10-week simple moving average (SMA) held steady despite recent market correction
Consequently, Lookonchain identified a shrewd whale on June 20th who purchased 6,070 Bitcoin for an astounding $395 million amid the market collapse.

At an average price of roughly $19,000 per Bitcoin, this same corporation had previously acquired over 41,000 BTC, worth $794 million, during the 2022 bear market. In the bull markets of 2023 and 2024, they sold 37,000 Bitcoin for $1.74 billion, or an average price of $46,000 per Bitcoin. The whale made almost $1 billion in profit during this process. According to Lookonchain, this entity has shown exceptional picks in BTC trading. The whale’s most recent buy is its first Bitcoin acquisition in the last half-year

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.