Bitcoin (BTC), a digital currency, fell to new levels in two weeks on Wall Street’s opening day as investors predicted that the cryptocurrency would rise. “poor” The lower part of the body.
The following are key points.
- Bitcoin prices are moving towards the low ranges which traders see still holding.
- Some experts say there will be a big relief boost soon. The target is 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 interest, increasing the chances of a lower move.
“It’s time to start bouncing soon on the LTF,” trader Killa wrote In the ongoing commentary of X, low timeframes are referred to.
“Range bound till proven otherwise.”
BTC/USD chart segment. Source: Killa/X
Killa a télécharger 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
Hormuz oil pipeline progresses as stocks remain sluggish
The US stock market appeared to already have priced the relief that comes from a 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.
Trump wrote in an article on Twitter that he specifically referred to the Strait of Hormuz, a transit oil route. Truth Social There would be “no tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling” The route.
Truth Social Source
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 The risk appetite is being held back by several factors, such as the forward earnings guidance from the tech giant Micron Technologies, and the print for May of the Personal Consumption Expenditures index (PCE), due on Wednesday and respectively Thursday.
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Source: cointelegraph.com
