Bitcoin (BTC), a cryptocurrency, struggled on Friday to recover $60,000 amid the continued volatility of global markets.
Important points
- Bitcoin has closed below $60k on daily timeframes for the first since September 2024.
- The Asian markets continue to suffer major losses due to tech stocks.
- BTC Price Analysis hopes to see the 200-week line reclaimed as the bull’s case.
Bitcoins are at risk of a $60,000 flip due to tech sales.
TradingView data showed that the previous support is increasingly being used by bulls to overcome their new obstacle after Bitcoin’s lowest daily closing price since September 2024.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Asia stocks saw a further drop on Monday, with South Korean breakers kicking in to halt a new crash of 8%.
US stocks rose on Tuesday. managed to avoid contagion, with the S&P 500 and the Dow Jones in the green at the time of writing.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
The performance of tech stocks remained popular as a talking point. Earlier, Micron Technologies boosted the mood with stronger-than-expected earnings data.
Trading resource The Kobeissi Letter suggests that the market is due for a bullish turnaround.
“Most people do not realize how many tech giants are already deep bear market territory,” It is written in the a post on X.
Kobeissi stated that many tech giants were already more than 50% down from their highs. Crypto exchange Coinbase led the way at -69%.
“The S&P 500 won’t tell you this,” It added.
Chart of the Coinbase one-week stock. Source: Cointelegraph/TradingView
QCP Capital’s latest report on the market highlights how US inflation rates will impact risky assets.
You can also read about the advantages of using Cointelegraph reportedThe Federal Reserve’s Personal Consumption Expenditures Index (PCE), also known as its May printing, is a measure of personal consumption expenditures. “preferred” The inflation rate has increased at its fastest pace since the middle of 2023.
“Core PCE is nowcast at 3.30%, while headline PCE is nowcast at 3.82%, both still above target,” QCP writes
“The Fed’s 2026 inflation forecast has also moved up to 3.6%, from 2.7%, reinforcing the view that inflation, rather than growth, remains the binding constraint.”
US PCE Index One-Month % Change (screenshot). Source: Bureau of Economic Analysis
BTC 200-week price trendline reclaim is in focus
Looking at tHe short term, crypto trader and analyst Michaël Van de Poppe asked whether BTC price action would continue its downward trend.
Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’
“It’s an interesting day for Bitcoin,” he told X Followers, noting the upcoming quarter options expiry events.
Van de Poppe brought attention to this performance of StrategyStretch (STRC), the Bitcoin-funding vehicle of the largest Bitcoin company in the world.
“In all honesty, the fact that STRC has seen a relatively big drop yesterday and Bitcoin essentially stalled at $60,000 is not a weak signal. Other than that, there’s a bullish divergence on the daily timeframe, which is still far from confirmed,” He went on.
“It can signal that we’re bouncing back upwards, and, yes, the markets need to bounce back upwards in order to close above the 200-Week MA.”
Chart of BTC/USD with SMA 200 weeks. Source: Cointelegraph/TradingView
As of the date this was written, $62,243 is the value for the moving average 200-week (SMA).
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Source: cointelegraph.com
