It has consolidated between $60,000 and $65,000, with $60,000 as a crucial support backed by the 3-month EMA around $60,100.bulls faced a setback last week as their attempt to break above a short-term symmetrical triangle was thwarted by rising tensions between Israel and Iran. This dampened risk appetite across crypto markets and invalidated Bitcoin's potential breakout.
Additionally, the 3-month EMA sits around $60,100, providing further technical support. Maintaining this level is critical for Bitcoin's recovery. If the price holds above $60,000, it could be a bullish signal for investors looking to capitalize on a potential rebound. Despite the short-term optimism, the weekly Stochastic RSI's downward trend suggests broader technical pressure. This could lead to a retest of the $60,000 support level before a rebound. Therefore, traders should closely monitor the $66,000 resistance zone over the coming days.Overall, Bitcoin remains trapped within the consolidation phase that began in March. If a fresh wave of selling erupts due to global events, the critical support at $60,000 will be in focus.
Since last summer, Bitcoin has been heavily influenced by ETF inflows. Initially, spot Bitcoin ETF anticipation drove the price. Later, the launch of such ETFs accelerated institutional buying, propelling Bitcoin to pre-halving highs. Now, InvestingPro users can do just the same from the comfort of their own homes with our new flagship AI-powered stock-picking tool: ProPicks.
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