The BTC price trading range has continued the status quo from the previous week, floating around $66,000, with $65,000 acting as its support level over the last few days.
Bitcoin has been trading cautiously since the end of last week, and the trend has continued this week as well. In the early hours of June 17, the BTC price trading range hovered above $66,000, followed by a dip mid-day. Since the $65,000 level has acted as its support, the token is unlikely to go below the mark. In the week ahead, $66,000 may become a crucial trading zone for BTC among crypto traders.
The current situation could indicate two scenarios. Either it could be a temporary pause until a volatility spike or the market may go through a prolonged consolidation phase. On the other hand, bearish action has also emerged along the lower circuit of the BTC price trading range. The upside is the current crypto fundamentals, which have remained robust.
This week does not hold any major macroeconomic triggers for the crypto market. Hence, it may trade in a static motion until a catalyst shows up soon. All likely reasons point to the spot ether ETFs in the US that could start trading soon.
The actions of large investors, often referred to as “whales,” can also cause price swings. Presently, they are displaying bullish sentiments for the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65.600 on June 17, 2024, with BTC/USD trading lower by a margin of 1.07% in the last 24 hours. Bitcoin’s market cap was trading at around $1.29 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,548.37), as BTC’s 24-hour volume was at around $18.7 billion. The global crypto market cap decreased by around 1.63%, trading above $2.38 trillion. BTC’s year-to-date returns are at 56.81%.
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