Bitcoin (BTC) struggled to regain $60,000 on Friday amid continued global market volatility.
Key Points:
- Bitcoin closes below $60,000 on the daily timeframe for the first time since September 2024.
- Asian stock exchanges are experiencing another day of vast losses from technology companies.
- BTC price analysis hopes to regain the 200-week trendline as a bull case.
Bitcoin risks reversal of $60,000 resistance as technology selling continues
Data from TradingView showed that prior support was increasingly becoming a recent obstacle for bulls following Bitcoin’s first daily close below $60,000 since September 2024.
BTC/USD Hourly Chart. Source: Cointelegraph/TradingView
Asian stock markets saw further declines during the day, with South Korean breakers starting a recent 8% crash.
Just like on Tuesday, the US stock markets infection was avoidedwith the S&P 500 and Dow Jones in the green at the time of writing.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
Due to the weakness, the results of technology companies continued to be a popular topic of conversation. Earlier, Micron Technologies boosted sentiment with better-than-expected earnings data.
Trading Resources Kobeissi’s letter suggested that a broader bullish rebound may already be underway.
“Most people don’t realize how many tech giants are already in deep bear market territory,” the article said write to X.
Kobeissi noted that many major tech companies are already down more than 50% from their all-time highs, with cryptocurrency exchange Coinbase leading at -69%.
“The S&P 500 index won’t tell you that,” he added.
Weekly Coinbase stock chart. Source: Cointelegraph/TradingView
In its latest analysis, trading company QCP Capital highlighted the impact of US inflation trends on risky assets in the future.
How Cointelegraph reportedThe May printing of the Personal Consumption Expenditures (PCE) index, known as the Federal Reserve’s “preferred” inflation gauge, saw its highest year-over-year gain since mid-2023.
“Core PCE is now estimated at 3.30%, while Core PCE is now estimated at 3.82%, both still above target,” QCP wrote.
“The Fed’s 2026 inflation forecast also increased to 3.6% from 2.7%, supporting the view that inflation, not growth, remains the binding constraint.”
Percentage change in the US PCE index over one month (screenshot). Source: Office of Economic Analysis
BTC price in focus in 200-week trendline recovery
Looking at the miniature term, cryptocurrency trader and analyst Michaël Van de Poppe asked whether BTC’s price action will continue its downward trend.
Related: The four-year BTC price trend requires 76,000. dollars as analysis shows Bitcoin ‘not broken’
“It’s an interesting day for Bitcoin,” he said he said X followers, paying attention to the upcoming quarterly options expiration event.
Van de Poppe drew attention to implementation of the Strategythe company that owns the world’s largest Bitcoin vault and its Bitcoin financing vehicle, Stretch (STRC).
“To be honest, the fact that STRC saw a relatively large decline yesterday and Bitcoin essentially stalled at $60,000 is not a weak signal. Beyond that, there is a bullish divergence on the daily timeframe that is still far from confirmed,” he continued.
“This could signal that we are bouncing back up and yes, markets need to bounce back up to close above the 200-week MA.”
BTC/USD 1-day chart with 200-week SMA. Source: Cointelegraph/TradingView
The trendline in question, the 200-week plain moving average (SMA), was at $62,243 at the time of writing.
