Bitcoin has been unable to find fresh wind ever since poor US data fueled the surge to 71911. News wise crypto in general continues to see market cap expand though the failure to push any higher in the grand daddy of crypto suggests two things, much of the fresh money is coming from the retail sector instead of the institutions that have pushed bitcoin to historic highs and a certain amount of rotation is on going particular to more efficiently coded blockchains such as, solana.
Resistance
- 71911 – May High
- 70613 – May 27 High
- 68875 – Intraday Consolidation Resistance
Support
- 66192 – Double Top Trigger
- 65829 – 50D Moving Average
- 63512 – Previous Daily Consolidation Resistance
BTCUSD has formed a double top in the daily charts since peaking just under 72000 following the previous inverted SHS breakout. Moving intraday the pattern becomes a descending triangle though the breakout point is a bit higher with the floor of the consolidation in the lower time frames as 67000. For now our bias is to trigger the bearish patterns with an entry at the break of 67000 though we need a daily close under 66192 and a push below the daily moving averages for the bigger picture pattern.
