Bitcoin (BTC), after being hit by geopolitical issues, lost most of its gains in May.
The following are key points.
- Bitcoin drops below $78,000, the lowest level since May.
- Risk assets are facing a headwind as a result of the oil-supply problems, which combine with tensions in US bond markets.
- The weakness of the support has investors looking to $75,000 or less as their next target, while optimists are seeing a “bear trap” forming.
Multi-Hazards “coming together” for crypto, risk assets
Data from TradingView confirmed new lows of $77,614 on the day — the lowest levels since May 1.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Pressures on the side of the vehicle resulting from concerns over US government bonds Traders’ attention is now also focused on the US-Iran conflict.
Iran appeared to be pressing ahead with a toll system for transit through the Strait of Hormuz — the epicenter of a global oil-supply squeeze — while keeping US traffic out.
The following are some of the ways to get in touch with us. reported Hormuz could reportedly benefit from trading The Kobeissi Letter and other resources. “remain closed to the operators of Project Freedom.”
Mosaic Asset Company’s Friday analysis outlined problems with the current geopolitical, macroeconomic and risk asset climate.
“The prospect for another inflation wave is lining up with similarities to the surge in price levels into mid-2022,” In its most recent issue, it writes Mosaic Chart Alerts blog post.
“Disrupted supply chains from last year’s trade war, impact of war on energy markets, and stimulus via large federal budget deficits are coming together at the same time.”
US WTI Crude oil chart. Source: Cointelegraph/TradingView
WTI crude finished the week above $100 per barrel.
Bitcoin Price Teasers “bear trap”
Bitcoin trading is a growing trend. ongoing mixed feelings The strength of the bears is below $80,00.
Related: Bitcoin price history suggests 77% odds of new all-time high within a year
“Over the last couple of days, the price has been going down slightly, while the open interest has climbed up. But things become interesting if we correlate this with Funding Rates, which have flipped negative,” X Trading Account Cryptic trades wrote on X.
“This shows us that bears are DOUBLING DOWN right now and betting on a breakdown. It also shows that even though the market structure remains intact, bears are shorting as if a breakdown already happened. That’s generally how bear-traps are formed.”
BTC/USDT Chart with Open Interest and Funding Rate Data Source: Cryptic trades/X
Analyst Eric Coleman believes that a new low for the local market is around $75,000
“BTC went down after the breakdown retest of the ascending triangle,” He summarized A chart indicating the relevant flip-levels of resistance/support is displayed alongside.
BTC/USDT four-hour chart. Source: Eric Coleman/X
Daan Crypto Trades examined the liquidity of exchange order books and identified $71,000, as the zone that is closest to interest.
“The longer price compresses around this $80K region, the more liquidity will be building up on both sides which should result in a larger more aggressive move at some point,” He told X-Followers
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
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Source: cointelegraph.com
