- Bitcoin struggles, fails to surpass $65,000 amid bearish market trend.
- VanEck’s physical Bitcoin ETF launches on the Australian Securities Exchange exceed $1.5M volume.
- Bitcoin’s price fluctuates, RSI nears oversold, EMA signals potential sell-off.
Recently, the cryptocurrency market has faced challenges with a stagnant price range as a bearish trend currently dominates. Bitcoin
In the last seven days, Bitcoin’s value has dropped by 3.21%. Additionally, Bitcoin’s price on a daily basis fell to 0.14%, with a value of $65,440 as per CoinMarketCap data. Its trading volume for the day has seen a reduction of 46.61%, amounting to $18 billion. Bitcoin’s market capitalization currently stands at $1.28 trillion. Earlier in June, Bitcoin’s price reached a high of between $70,000 and $71,000.
In other news, VanEck’s physical Bitcoin ETF began trading on the previous day on the Australian Securities Exchange (ASX), the primary exchange in Australia. The VanEck Bitcoin ETF, a subsidiary fund of the VanEck Bitcoin Trust, started with an initial investment of A$985,000. Within just a few hours of trading, the fund’s trading volume surpassed $1.5 million.
Is Bullish Momentum Driving Up Bitcoin’s Price?
Examining Bitcoin’s price movements over the last seven days reveals that it has generated anxiety across the cryptocurrency market. Bitcoin has been hovering between $64,000 and $65,000, causing unease among investors. The current daily Relative Strength Index (RSI) for Bitcoin is 41.97, which suggests it is approaching oversold conditions, and the Exponential Moving Average (EMA) indicates a sell signal.
Should the bullish sentiment push Bitcoin’s price above $66,000, the initial significant resistance level to watch would be $66,380. Should the upward trend persist, we could see resistance next at $67,000. Any additional increases might propel the price into the $68,000 territory.
On the other hand, if the bulls are unable to overpower the bears, we might see Bitcoin’s price retract to the first support level at $64,456. A continued decline could bring the next level of support to $63,671. Moreover, a further drop could potentially take the price down to $62,579.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
