Bitcoin (BTC) hit week-to-date lows at Tuesday’s Wall Street open as analysis put $65,000 as bulls\u2019 level to beat.<\/p>\n
Key points:<\/strong><\/p>\n Data from TradingView tracked 1.2% BTC price downside on the day as sell-side pressure returned ahead of key US inflation data.<\/p>\n A double rejection at $64,200 put BTC\/USD on course for another test of the key $60,000 support level.<\/p>\n BTC\/USD one-hour chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n Commenting, trader and analyst Micha\u00ebl van de Poppe said that for bulls to gain the upper hand, they would need to crack $65,000.<\/p>\n \u201cBitcoin is stalling beneath $65K as breaking that level would trigger a strong run to $72-74K,\u201d he wrote in one of his latest posts on X<\/span><\/a>.\u00a0<\/p>\n \u201cThe $65K support level was the previous level of support after the crash early in February and is now acting as the resistance to break through.\u201d<\/p><\/blockquote>\n BTC\/USD one-day chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n Van de Poppe called into question the validity of Bitcoin\u2019s latest macro lows, which took the market to $59,100 last week.<\/p>\n \u201cI don’t think it will take long before the markets will be doing this, as the recent selloff was relatively irrational,\u201d he added.<\/p>\n In an update<\/span><\/a> on the bear market, trader and analyst Rekt Capital flagged two more key similarities between current BTC price action and the road to previous cycle lows.<\/p>\n BTC\/USD, he noted, had lost both its 50-month exponential moving average (EMA) and the support of a triangle construction \u2014 just like in 2018 and 2022.<\/p>\n \u201cNow Bitcoin needs to fully confirm this breakdown to enter additional Bearish Acceleration to the downside,\u201d he told<\/span><\/a> X followers.<\/p>\n BTC\/USD one-month chart with 21, 50 EMA. Source: Rekt Capital\/X<\/em><\/p>\n Bitcoin once again diverged from US stocks on the day, heading lower while both the S&P 500 and Nasdaq Composite Index opened up by nearly 1%.<\/p>\n Related: <\/strong><\/em>Bitcoin ‘normal’ 4-year cycle puts focus on $53K low before 2028 BTC price high<\/strong><\/em><\/span><\/a><\/p>\n S&P 500 one-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n This helped alleviate an initial drop at the start of the week after Asian markets came under pressure from a tech-stock rout<\/span><\/a>.<\/p>\n Oil prices, meanwhile, also fell as hopes of a US-Iran peace deal steadily reemerged.<\/p>\n\n
Bitcoin price copies bear-market history with support losses<\/h2>\n
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<\/figure>\nOil falls to June lows on new Iran peace momentum<\/h2>\n
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