Bitcoin (BTC) Price Analysis: Bulls and Bears Battle It Out as the Market Struggles to Break Out of Consolidated Range

In the past few days, the entire crypto market has been struggling with the consolidated price range as the bears are currently ruling the market.

The crypto market has been in a consolidated price range for the past few days, with bears largely controlling the market. Bitcoin, being the top asset by market cap, has experienced a price dip and failed to cross the $65K level for an extended period. This has shifted market attention away from BTC, leading to a significant drop in altcoin prices.

Over the past week, BTC's price has decreased by 3.21%. Subsequently, BTC's daily price experienced a slight decline of 0.14%, trading at $65,440, as reported by CMC data. Its daily trading volume decreased by 46.61%, reaching $18 billion. Its current market capitalization stands at $1.28 trillion. Early June saw the BTC price reach the $70K-$71K range.

In other news, VanEck's spot Bitcoin ETF began trading on the Australian Securities Exchange (ASX) yesterday. This exchange serves as the primary bourse in Australia. VanEck's BTC ETF functions as a feeder fund for the VanEck Bitcoin Trust, with an initial investment of A$985,000. Within hours of the fund's launch, its trading volume surpassed $1.5 million.

Analyzing the past week's price action of Bitcoin reveals its impact on the broader crypto market, causing tension among traders as the price remained within the $64-65K range. This is evident from Bitcoin's daily Relative Strength Index (RSI), which stood at 41.97, indicating an approach to oversold territory, while the EMA suggests a sell signal.

If BTC bulls manage to push the price above $66K, the first key resistance could be encountered at the $66,380 level. With further bull momentum, the next major resistance is anticipated at $67,000. A sustained bull run could drive the price into the $68K range.

However, if the bulls fail to overcome the bears, the price may encounter initial support at $64,456. If the price continues to decline, the next support level is anticipated in the $63,671 range. Moreover, if the price experiences a steeper drop, it could reach the $62,579 level.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-analysis-bulls-bears-battle-market-struggles-break-consolidated-range.html

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