Bitcoin price action is still being determined by the current geopolitical issues- hints from President Trump that the war may soon be over caused the price of Oil to correct by around 20%, which in turn has helped Bitcoin rally.
BTC is now trading above $69.5k (Monday High) and at the last 4hr candle close it came in just above the 4hr EMA200 which sits at $70.5k currently.
I am looking to see if BTC can consolidate above $70.5k for a potential push towards last weeks highs or, alternatively, what happens if $69.5k is retested.
No surprise to see Bitcoin and crypto being affected by the price of oil currently. After oil hit $110+ at the weekly open, this saw BTC drop temporarily below $66k. Oil has so far retraced to below $100 which has provided Bitcoin with some relief to $68k.
For now, I am watching the Monday Range play out, and I will be looking for $66.9k (Monthly Open) to hold as support on any retest. $69.2k (2021 ATH) remains the next resistance level for BTC to break.
The sell off continued for Bitcoin yesterday and overnight, with the price retesting below $67k. The recent 4hr candles are giving signs that $66.9k (Monthly Open) is 4hr support, and we are starting to see some strength return from this area. The next area of likely resistance from here will be around $69.2k (2021 ATH). The BTC CME price closed the week at $68.2k so this is an area to keep an eye on around the weekly close to determine whether we get any significant CME gap above or below.
The bearish price action continued throughout yesterday for Bitcoin, retracing 8% from the recent highs. BTC looks to have 4hr support at $67.7k, but this is between 2 key levels- $66.9k (Monthly Open) and $69.2k (2021 ATH). One, or both, of these levels could be tested this weekend. It would be reasonable to assume that we see less volatility than last weekend, but I am observing until I see the reaction at one of these mentioned levels.
BTC initially reacted straight from $70k (Monday High) but is starting to look weaker at this level now. If this fails to hold then there is a very realistic chance of testing somewhere around $68k before the end of the week. Non- Farm payroll date out soon, then let's see what the market has in store today.