Bitcoin may retest $69K next as shorts keep BTC price below all-time high

Bitcoin sees surprise selling into the latest daily close, giving rise to predictions of a support retest before new BTC price all-time highs.with trips toward resistance below all-time highs and heavy downside wicks. Another such wick on June 5 took BTC/USD to $69,600 before a rebound set in.

“With the 21-Day Moving Average hovering around $68.8k technical support is strong, but a cooler than expected Unemployment Report or a rug pull could send prices lower and punish late longs,” he concluded. Bulls nonetheless provided a lifeline in time for the daily close, avoiding a continuation of “weakness” that Skew warned could have longer-lasting consequences for the BTC price trend.

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