Bitcoin Struggles to Recover, Bulls Still Have a Chance

Bitcoin Trading Below Key Resistance Levels

Bitcoin is still struggling to recover from yesterday’s losses and is trading below key resistance levels, looking at the price action in the daily chart. As long as prices remain, sellers are in control, at least in the short term. Based on the current formation, the path of least resistance is southwards. However, bulls still have a chance from a top-down preview, especially if they reject lower prices today.

Bitcoin Stable in Last 24 Hours, Down 6% in Previous Week

Presently, Bitcoin is stable in the last 24 hours but down 6% in the previous week. Of note, the coin’s average trading volume in the last 24 hours is up 14% to $46 billion. Since prices are precarious, bulls might search for entries once a clear trend is defined. This could explain the relatively low trading volume in the past 24 hours.

Bitcoin News Events Influencing Price Action

The following Bitcoin news events might influence price action:

• The United States government moved Bitcoin worth roughly $2 billion, which was recovered from the Silk Road. Reportedly, the batch was moved to a Coinbase wallet. The government will likely liquidate those coins. The last sale was made in March 2023.
• Bitcoin remains under pressure because of rising yields and the strengthening of the USD. Trackers show that the 10-year Treasury Yield is at a 1-year high while the USD is at its highest level in almost five months.

Bitcoin Price Analysis

BTC/USD is under pressure, slipping 6% in the last trading week. Technically, sellers are in control in the short term. Traders can watch the $68,000 as an area of interest. It represents the breakout level after last week’s consolidation. As long as Bitcoin prices are below this level, sellers can search for shorts, targeting $61,200 in the immediate term. This preview will be invalid if prices break out strongly above $71,700, fueled by expanding trading volumes.