Bitcoin is currently trading at approximately $69,000, marking a 1.13% increase over the previous week. The Relative Strength Index (RSI) sits at 56, indicating a neutral zone. Despite being ensnared in a bearish trend, Bitcoin has achieved its second-highest weekly close ever, with substantial ETF inflows acting as a bullish catalyst. On June 7, the price of Bitcoin soared to $71,833, its highest point since May 21, falling just short of the $72,000 resistance level due to the impact of the U.S. employment report in May.
In the last 48 hours, the amount of Bitcoin held by whales possessing 100,000 BTC has decreased by 0.2%, suggesting that investors are either restructuring their portfolios or cashing out. Looking ahead, the Bitcoin Wyckoff pattern indicates a potential surge to an all-time high of $85,000, contingent upon surpassing the $71,000 mark to confirm a breakout. Currently priced at $69,498, Bitcoin has seen a 1.13% increase over the past week, with a 24-hour trading volume of $14.48 billion, up by 9.98%.
The question remains: will Bitcoin bulls emerge victorious? The recent drop in Bitcoin’s price to the $69,000 range instead of maintaining its upward trajectory to $70-71K has left the daily RSI at 56.08, on the brink between bullish and bearish territories. If bullish momentum prevails and Bitcoin manages to stay above $70,000, the initial resistance lies at $71,970, followed by a major hurdle at $72,900. Further upward movement could propel the price towards the $73,800–74,000 range.
Conversely, if the bears take control and push the price down, support levels are anticipated at $68,430 and $67,220. A more significant drop could lead Bitcoin to the $66K–$65K support zone. Additionally, traders are advised to stay vigilant for a potential breakout in Ethereum.