Bitcoin has to maintain a price above $60k this week

Bitcoin has been trying to break out of a fairly narrow trading band for the past three months. On the upside of that band, every move above $70k seems to be followed by a quick sell-off. While on the downside we can see that every price point between $60k and $65k is followed by receives heavy purchasing orders coming from institutional investors.

With little economic data this week, a day off in the United States and political uncertainty in France, Bitcoin must remain above $60,000 to avoid falling further any time soon.

https://twitter.com/rovercrc/status/1802666500056044008

Juneteenth

Since the introduction of Bitcoin ETFs in the United States, it has become clear that the price of the largest digital currency is at least in a large part determined by the mood on Wall Street. When there is a lot of interest in the ETFs, the price of Bitcoin usually goes higher, but when there is a sell-off of the ETFs, the price sometimes goes lower.

Last week, the Federal Reserve pushed the price of Bitcoin, and several tech stocks, lower after Jerome Powell suggested he plans just one rate cut this year.

#Bitcoin remains stuck between $57K-73K and I expect it to continue falling in the first part of the week.

My personal area of support is between $63-64.5K. That area should hold to me. pic.twitter.com/JZkeiWzJyv

— Michaël van de Poppe (@CryptoMichNL) June 17, 2024

There isn’t much economic data coming out of the United States this week and they also have a day off tomorrow for Juneteenth.

Bardella

There is also an atmosphere of crisis in France now that the latest opinion polls show that the extreme right-wing parties Rassemblement National and Reconquête are not really declining in the polls.

If they were to win the elections (which are only three weeks away), it is possible that we could end up with a centre-left President Macron and a far-right Prime Minister Jordan Bardella. In other words, France will be very difficult to govern until the next presidential elections in 2027. This uncertain situation puts pressure on European investors and also keeps French stocks in the doldrums.

All bad news for Bitcoin, which above all needs to maintain the $60,000 level to avoid getting caught in the next sell-off wave. Below the $60,000-$65,000 support line, Bitcoin would likely find a floor around $58,000.