NY session pullbacks on both Wednesday and Thursday took price below 59,000 yesterday, sweeping the key long liquidation level. Support held again on Asia overnight. Price has put in a steady series of lower highs since the June 15th rejection from 67,000, with 58,000 the next long liquidation magnet below. The macro calendar is light coming off the revised Q1 GDP and an in-line core PCE print.
🟡 June 26, 10:17am ET
NY session pullbacks on both Wednesday and Thursday took price below 59,000 yesterday, sweeping the key long liquidation level. Support held again on Asia overnight. Today is the test: buyers step in here or prepare for the next leg down.
Price has put in a steady series of lower highs since the June 15th rejection from 67,000 and Monday's rejection from 65,000. Buyers stepped in at 59,000 to defend the floor, but until the 4-hour EMAs are reclaimed, sellers stay firmly in control.
Zooming out on the weekly, price is at minimum deviating below the local range, with a more likely path being a retest of the 56,000 range low from early 2024. The higher-timeframe target is back in scope.
Price fell below June's value area low at 60,000. On a deeper pullback and retest, the level should flip to resistance. If buyers can drive acceptance back above 60,000, price targets the upper edge of June's value area at 65,000.
58,000 is the long liquidation magnet below, the level that flushes traders betting on a reversal off the floor.
SpaceX IPO hype faded fast: the 50% pop has fully round-tripped back to 150, prompting OpenAI and others to delay. BTC losing 60,000 is dragging crypto sentiment in parallel. Expect a wave of "this time is different" headlines until price bottoms and turns.
Coming off the revised Q1 GDP and an in-line core PCE print. Next week brings job openings and manufacturing PMI. The macro calendar is light into a tape already pinned below its range.
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BTC enters Friday testing 59,000 for support after NY session pullbacks on both Wednesday and Thursday took price below the level yesterday, sweeping the key long liquidation. Support held again on Asia overnight, but the tape has put in a steady series of lower highs since the June 15th rejection from 67,000 and Monday's rejection from 65,000. Buyers stepped in at 59,000 to defend the floor, but until the 4-hour EMAs are reclaimed, sellers stay firmly in control. Zooming out on the weekly, price is at minimum deviating below the local range, with a more likely path being a retest of the 56,000 range low from early 2024.
Positioning has the magnet just below. 58,000 is the long liquidation level that flushes traders betting on a reversal off the floor. Price fell below June's value area low at 60,000; on a deeper pullback and retest, the level should flip to resistance. If buyers can drive acceptance back above 60,000, price targets the upper edge of June's value area at 65,000.
The macro backdrop is the wildcard. SpaceX IPO hype faded fast: the 50% pop has fully round-tripped back to 150, prompting OpenAI and others to delay. BTC losing 60,000 is dragging crypto sentiment in parallel. Expect a wave of "this time is different" headlines until price bottoms and turns. Coming off the revised Q1 GDP and an in-line core PCE print; next week brings job openings and manufacturing PMI. The calendar is light into a tape already pinned below its range. Tactical reads: a hold at 59,000 with reclaim of the 4-hour EMAs and acceptance back above 60,000 reopens the path toward June's VA high at 65,000; a flush through 58,000 confirms continuation lower into the 56,000 early-2024 range low.