Bitcoin (BTC), which is a cryptocurrency, hit new lows of two weeks at the Wall Street opening on Wednesday as traders anticipated a rally. “poor” Lower high
The following are key points.
- Bitcoin’s price is moving closer to the range-lows that traders continue to see as holding.
- Some experts say that the relief rebound should arrive soon and target amounts closer to $70,000.
- The US stock market opened flat, despite the progress made in the US-Iran nuclear negotiations.
BTC price nears range lows: Is $70,000 next?
TradingView data showed that BTC prices dropped below $60,000. This was the first time this has happened since June 10.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Investors warned that rising funding rates would increase short-term interests, increasing the chances of a lower move.
“It’s time to start bouncing soon on the LTF,” trader Killa wrote The low-time frames are mentioned in the commentary that is ongoing on X.
“Range bound till proven otherwise.”
BTC/USD chart segment. Source: Killa/X
Killa uploaded further chart Showing a relief bounce towards $70,000 due after the bounce.
BTC/USD chart segment. Source: Killa/X
RektProof was a colleague trader who had. broadly similar forecastBTC/USD is trading within a $60,000 range. “for the rest of the month.”
“Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k,” He added.
BTC/USDT one-hour chart. Source: RektProof/X
As the transit of oil through Hormuz progresses, stocks are teetering on the edge.
The US stock market appeared to already have priced the relief that comes from the US/Iran agreement.
Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’
At the opening, the upside was very limited despite US President Donald Trump providing further details about mutual co-operation between the two parties.
In a blog post published on, Trump made specific reference to the Strait of Hormuz as a route for oil transportation. Truth Social It would seem that the occurrence of this event is a possibility “no tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling” You can also get there by using the following route.
Truth Social
The S&P 500 traded up 0.4% at the time of writing, while the Nasdaq Composite Index even turned slightly negative on the day.
Earlier, Cointelegraph reported On Wednesday, the Personal Consumption Expenditures Index (PCE), which is due to be published on Thursday, and Micron Technologies’s guidance for future earnings, are two factors that will keep risk assets in check.
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Source: cointelegraph.com
