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F&T: $70,000 continues to be an obstacle for Bitcoin

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Yesterday, Bitcoin again tested the resistance near $70,000 but failed. After soaring to $70,258, it quickly dropped below $69,000, where it currently trades. Overall, not much has changed from a technical perspective since our previous update; merely the sideways trend of a lesser degree became more apparent, with Bitcoin struggling at the $70,000 mark. As such, our focus continues to lie at this point, along with the two sloped channels shown below. 

 

The daily chart of Bitcoin (BTCUSD) above shows the descending channel, with its upper bound acting as an important resistance for the price. To support a bullish case in the short term, it would be ideal for Bitcoin to close above the resistance level for multiple consecutive days; the resistance’s importance grows with each retest. 

 

The image above shows the ascending channel within the larger descending channel; its lower bound acts as a resistance. 

 

The illustration above displays an alternative trendline on Bitcoin's (BTCUSD) daily graph, which acts as critical support for the price. 

 

Technical conditions

Daily time frame = Neutral

Weekly time frame = Bullish (losing momentum)

Monthly time frame = Bullish

 

Bitcoin addresses

Initially, the number of Bitcoin addresses with balances exceeding 1,000 BTC increased slightly after the big slump we described on 29th May 2024. However, while this figure is still above its 28th May 2024 level, it resumed a decline in a new month, which is not a particularly positive sign. The same trend can be observed among the addresses with balances exceeding 100 BTC.

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