Bitcoin May Head for $69k Retest While Shorts Keep BTC Price Below All-Time High
Bitcoin appears to be stuck around $71,000, with analysts warning of a possible drop to lower levels. The recent selling has led to predictions of a repeat of previous support levels before reaching new all-time highs.
Bulls recover after selling pressure on stock markets
Bitcoin’s price rebounded after hitting intraday lows of $70,120 on Bitstamp just before the daily close. This recovery follows a pattern of price swings throughout the week, with visits to resistance levels below all-time highs and heavy downside wicks. Such a wick on June 5 took BTC/USD to $69,600 before a recovery occurred.
Market analysts are calling for important support
Trading resource Material Indicators suggests that the market is now calling for a more demonstrative return to the key support around $69,000. The company warns that a move back to $71,600 would negate this scenario.
Upcoming macroeconomic data could impact BTC price
It points to upcoming macroeconomic data from the United States, especially employment figures, which often have a noticeable impact on BTC price volatility.
Despite the current consolidation Michaël van de Poppe that Bitcoin is still trapped in the established range, but is poised for an upward breakout to a new all-time high.
Whales are holding the market back
Analysts point to high-volume investors, called whales, who deliberately hold back the market to protect their short positions. This may explain why Bitcoin is struggling to break through to new highs.
