Bitcoin can drop below $60,000 for the monthly close and still preserve the BTC price uptrend, analysis concludes.
A deluge of potential BTC price volatility triggers is due this week, and Bitcoin market participants are eyeing the most crucial support zone to hold.on X on June 26, trading resource Material Indicators highlighted a key line in the sand for Bitcoin bulls.BTC/USD hit its lowest levels since the start of May this week — and those old lows are now firmly in focus within trading circles.
Market pressure is likely to increase through the end of the week, Material Indicators predicts — not least due to the weekly, monthly and quarterly close all coming on a single day. Should bears gain the upper hand, the $56,500 level from seven weeks ago will form the floor of a bottoming zone that buyers need to defend.“There is always a chance that price goes back to retest the lows before Sunday, but as long as the monthly candle closes within or above the red box, then the trend remains in tact.
“As the week develops, I'm watching to see where liquidity concentrates to identify the strongest areas of resistance and support. Watch out for possible spoofs.”Order book data from the largest global exchange, Binance, showed a “ladder” of bid liquidity strengthening between the current spot price and $55,000.On multiple timeframes, these Relative Strength index levels have acted as bottom signals in the past — a phenomenon not lost on market participants.
“This is still low and leaves a lot of room for growth. But the market needs Bitcoin & $ETH to lead the way and alts will have a good time.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Exclusive: Mike Flood is shaking up Congress over cryptocurrency
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive-Vanguard vote switch helped pass Tesla CEO Elon Musk's $56 billion pay packageExclusive-Vanguard vote switch helped pass Tesla CEO Elon Musk's $56 billion pay package
Read more »
‘Hot damn’: Elon Musk gets $56 billion package despite court sanctionsThe staggering sum has drawn criticism and raised worries that Tesla's board was too compliant and closely aligned with Musk.
Read more »
Elon Musk wins Tesla shareholder vote for $56 billion pay packageDavid Ingram covers tech for NBC News.
Read more »
Tesla shareholders vote to reinstate Elon Musk's $56 billion pay packageAt Tesla’s annual meeting on Thursday, shareholders were asked to vote on a dozen proposals, including CEO Elon Musk’s 2018 pay package.
Read more »
Musk's small-investor army cheers apparent approval of $56 billion pay packageElon Musk's army of small-investor allies took a victory lap with an endorsement for his $56 billion pay package after the Tesla (TSLA) CEO said shareholders were voting to approve it by a wide margin despite opposition from major institutions.
Read more »
Elon Musk Says Tesla Shareholders Have Approved His $56 Billion Pay PackageElon Musk took to X on Wednesday night to announce that Tesla shareholders were set to re-approve his $56 billion pay package by a wide margin.
Read more »