Bitcoin

Resistance

<ul>
 <li>Bitcoin price currently trades around $69K with a surge of 1.13% over the past week.</li>
 <li>The Relative Strength Index (RSI) stands at 56 in the neutral zone.</li>
</ul>
Bitcoin has achieved its second-highest weekly close ever, with massive ETF inflows emerging as a major bullish catalyst amidst being stuck in a bearish trap. On June 7, the Bitcoin price surged to $71,833, its highest price since May 21. However, it failed to reach the $72,000 resistance level due to the <a href="https://thenewscrypto.com/blackrocks-cio-sees-optimism-in-u-s-cpi-data-warns-of-rate-hike/" target="_blank" rel="noopener noreferrer nofollow">U.S.</a> employment report in May.&nbsp;
Meanwhile, over the past 48 hours, the Bitcoin supply held by the whales with 100,000 BTC has decreased by 0.2%. This implies that the investors are repositioning their holdings or cashing out.
Looking at the long run, the Bitcoin Wyckoff pattern indicates that Bitcoin could hit an all-time high of $85,000 but needs to move above $71K to confirm a breakout. Currently trading at $69,498 at the time of writing. And over the past week, it was up by 1.13%. The 24-hour trading volume was $14.48 billion, up by 9.98%.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="428" src="https://thenewscrypto.com/wp-content/uploads/2024/06/btc-price-chart-1024x428.png" alt="" class="wp-image-100326" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/btc-price-chart-1024x428.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/06/btc-price-chart-300x126.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/06/btc-price-chart-768x321.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/06/btc-price-chart.png 1501w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">BTC Price Chart (Source: <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-will-bitcoin-bulls-win-over">Will Bitcoin Bulls Win Over?</h3>
The Bitcoin price dropped to the $69K range instead of sustaining the upward momentum in the range of $70-71K. Bitcoin’s daily Relative Strength Index (RSI) stands at 56.08, at the neutral level, balancing between <a href="https://thenewscrypto.com/institutional-bitcoin-etf-holdings-surpass-879k-btc-bullish-future/" target="_blank" rel="noopener noreferrer nofollow">bullish</a> and bearish positions.&nbsp;
After evaluating the price momentum of Bitcoin, if the bulls push the price to remain above $70,000 and continue to increase, the initial resistance could be in the range of $71,970. Assuming the bullish <a href="https://thenewscrypto.com/over-22000-bitcoin-exit-crypto-exchanges-amid-market-turbulence/" target="_blank" rel="noopener noreferrer nofollow">trend</a> continues, the next major resistance is to be found at the $72,900 level. A further gain will drive the price towards the $73,800–74,000 range.&nbsp;
Contrarily, if the bulls fail to perform with upward momentum, the bears take the lead, and the price may drop to the $68,430 support level. If it continues to dip sharply, the next key support will be in the $67,220 range. The additional drop might drive the price toward the $66K–$65K support zone.&nbsp;
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Can Bitcoin Overcome Resistance After Second Highest Weekly Close?

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