A small drop in Bitcoin?
Bitcoin was expected to reach a new ATH by the end of the week and is currently still stagnant around $71,000. And for good reason: after a bullish week that allowed gains of around 4%, experts are calling for caution before the fall.
According to U.Today, Bitcoin could develop a possible double-top configuration around $71,900, a number that generally precedes a decline. In fact, it appears when the asset reaches its peak and is forced to slow down, indicating that the little orange coin might struggle to continue its climb.
From a more technical perspective, BTC appears to be stuck around its $71,000 resistance. He can’t make it a support and according to CrediBULL Crypto he is even level a a risky entry point, guaranteeing almost certain rejection in the coming days. That could drop back down to a maximum of $66,000.
OI continues to rise even though the price is still in a volatile environment.
Funding is positive, but not too high, indicating that we have problems with both directional long and short accumulation at this range.
Your ideal entry is a move to the lows of the range and a spot that… https://t.co/o7VAfqF0S2 pic.twitter.com/4Ip1mwWWwG7
— CrediBULL Crypto (@CredibleCrypto) June 5, 2024
Finally, US Bitcoin ETFs have seen 18 consecutive days of net inflows, the first since they opened, but it’s not enough! Flows are not strong enough and are often hindered by the gradual liquidation of long-term BTC holders.
Everything will be decided on the weekend!
Despite these negative prospects, all is not lost and the weekend will be the scene of a turnaround. Jenny Johnson, CEO of Franklin Templeton, recently spoke about this another wave of new bitcoin ETF listings.
To better understand the issues: what is a crypto ETF?
in the same spirit, Crypto platform Bybit is opening its doors to Chinese users today, and therefore the market could benefit from several billion individual investments.
As for the Crypto Yapper analyst, he continues to believe in a breakout of the BTC consolidation and a recovery by the end of the day.
Moral of the story: the upside for Bitcoin is never lost.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.
