Bitcoin (BTC) hit weekly lows at Tuesday’s open on Wall Street as analysis showed a bullish level at $65,000.
Key Points:
- Bitcoin needs to reach $65,000 again for bulls to take control, according to novel BTC price analysis.
- The bear market story continues as BTC/USD loses key supports.
- Iran hopes for peace that oil will fall below $88 for the first time this month.
Bitcoin price copies bear market history with support losses
Data from TradingView showed BTC’s price dropping 1.2% on the day as selling pressure returned ahead of key US inflation data.
A double rejection at $64,200 put BTC/USD on course for another test of the key support level at $60,000.
BTC/USD Hourly Chart. Source: Cointelegraph/TradingView
Commenting, trader and analyst Michaël van de Poppe said that for the bulls to gain an advantage, they would need to break through $65,000.
“Bitcoin is stuck below $65,000 because breaking this level would result in a strong increase to $72,000-74,000,” he wrote in one of his latest posts on X.
“The $65,000 support level was the previous support level after the early February crash and is currently acting as resistance to a breakout.”
BTC/USD 1-day chart. Source: Michaël van de Poppe/X
Van de Poppe questioned the validity of Bitcoin’s recent macroeconomic lows, which drove the market to $59,100 last week.
“I don’t think it will be long before markets do this because the recent sell-off has been relatively irrational,” he added.
In update in the bear market, trader and analyst Rekt Capital pointed out two more key similarities between the current BTC price action and the path to the lows of the previous cycle.
He noted that BTC/USD lost both its 50-month exponential moving average (EMA) and triangle support – similar to 2018 and 2022.
“Now Bitcoin needs to fully confirm this breakdown to introduce additional Bearish Acceleration to the downside,” he stated he said X followers
BTC/USD monthly chart with 21.50 EMA. Source: Rekt Capital/X
Crude Oil Falls to June Lows on New Peace Momentum in Iran
Bitcoin separated from U.S. stocks once again this day, heading lower, while both the S&P 500 and Nasdaq Composite Index rose almost 1%.
Related: Bitcoin’s “normal” 4-year cycle focuses on the 53k low. dollars ahead of the high BTC price in 2028
One-hour chart of the S&P 500. Source: Cointelegraph/TradingView
This helped cushion an initial decline earlier in the week after Asian markets came under pressure from a tech-stock massacre.
Meanwhile, oil prices have also fallen as hopes for a US-Iran peace deal continue to resurface.
“It will be a total victory,” US President Donald Trump said on Monday in a conference call to Republican Senator Lindsey Graham: quoted by Al Jazeera and others.
“It will happen soon and oil prices will fall.”
CFDs on the hourly chart of American WTI crude oil. Source: Cointelegraph/TradingView
WTI crude fell below $88 per barrel, reaching its lowest level since May 29.
