Bitcoin price corrected gains and tested the $66,000 support. BTC is now consolidating losses and might decline further below the $65,500 zone.

• Bitcoin is struggling to recover losses and moving lower below $67,200.
• The price is trading below $67,200 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $66,000 and $65,500 levels.

Bitcoin Price Dips Again

Bitcoin price failed to remain stable above the $68,000 zone. BTC started a fresh decline and traded below the $67,500 support zone. There was a push below $67,000.

The price dipped below the 76.4% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. Finally, the price found some support near the $66,000 zone. It is now consolidating losses and there is a declining channel forming with resistance at $68,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $67,200 and the 100 hourly simple moving average. If the price remains stable above $66,000, it could attempt a fresh increase. Immediate resistance is near the $67,350 level.

The first key resistance is near the $68,000 level. A close above the $68,000 resistance might send the price further higher. In the stated case, the price could rise and test the $68,800 resistance. Any more gains might send the price toward the $69,500 level. The next barrier for the bulls could be $70,000 and $70,500.

More Losses In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support is near the $66,000 level or the 83.2% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. The first major support is near the $65,500 level.

The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,200 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,000, followed by $65,000.

Major Resistance Levels – $67,350 and $68,000.

Key takeaways

• ETH is trading around $4k per coin, down 1.7% in the last 24 hours.
• The leading altcoin could rally towards $4,300 soon amid choppy price action.

Ethereum Foundation deploys 2,400 ETH and $6M on Morpho

Ether, the second-largest cryptocurrency by market cap, has been underperforming over the past 24 hours despite the Ethereum Foundation announcing its DeFi expansion to Morpho.

The Ethereum Foundation announced on Wednesday that it is deploying 2,400 ETH, valued at about $9.3 million, and $6 million worth of stablecoins into the decentralized finance (DeFi) lending protocol Morpho.

The team added that the funds will be deposited into Morpho’s yield-bearing vaults as it looks to expand its recent treasury policy. In its announcement, EF stated that, 

“Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles. FLOSS licenses ensure that builders are free to fork and build on existing protocols, making the DeFi ecosystem more resilient and permissionless.”

The Ethereum Foundation is the non-profit that manages research and protocol updates for the Ethereum blockchain. Currently, the foundation holds about $823 million worth of ETH assets in its treasury.

ETH could reclaim $4,300 as price action remains volatile

The ETH/USD 4-hour chart remains bearish and efficient as the price action in recent days has been choppy. The volatile price action resulted in $124.7 million in futures liquidations in Ethereum over the last 24 hours, with another $77.1 million in long liquidations also recorded. 

The momentum indicators are currently weak, but could turn bullish as market sentiment improves. ETH lost the $4,100 support on Wednesday after hitting the $4,300 level on Monday.

The RSI of 47 is below the neutral 50, indicating that the bears are losing control of the market. The MACD lines are also within the negative zone after flashing a sell signal earlier this week. 

If the bearish trend continues, ETH could drop to the support near $3,470 in the coming hours. However, if the bulls keep ETH’s price above $4k, it could rally towards the $4,300 resistance level. An extended rally would bring the 4H TLQ of $4,513 into focus.

After hitting a one-week low on Thursday, Bitcoin (BTC) is attempting to reclaim the key $104,000-$105,000 area as support, but some analysts have warned that a visit to its range’s lows could be in BTC’s short-term future if volatility continues.

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Bitcoin to Continue Choppy Performance

On Thursday afternoon, Bitcoin dropped 5.5% to the $102,000 support fueled by the news of the Iran-Israel conflict. Amid the market pullback, the flagship crypto failed to hold its $108,000-$110,000 three-day range, falling to the mid-zone of its post-November breakout range.

Notably, BTC had just recovered from last week’s retest of the $100,000 level, reclaiming the key $106,800 area as support earlier this week. Daan Crypto Trades noted that the cryptocurrency “saw a clear trigger on that retest of the range high,” driven by the headlines of the Middle East turmoil, as it is “still quite a volatile and headline-driven market currently.”

Bitcoin took the liquidity above and below its local price range, the analyst explained, adding that it is “already starting to trade more like the choppy (pre) summer environment” he had forecasted.

Despite the drop, the analyst highlighted that the range high remains the key level for a larger move up:

I think the range high is a key area for the Bulls to hold on to. If not, I think there’s a case to be made for a local high to be put in and for the market to move back further within this range. At this point, I’m fairly certain that if price breaks either the current monthly high or low, it will keep trending that direction for the rest of June (and possibly beyond).

However, he suggested investors be cautious until BTC price breaks back above the range high convincingly and holds it as support on the higher timeframes.  “Don’t chop yourself up in the next few weeks/months,” he warned.

Volatility Could Send BTC To Range Lows

Analyst Carl Runefelt from The Moon Show highlighted a potential double top pattern forming on BTC’s 4H chart, noting that if the price didn’t bounce from the previous descending resistance, reclaimed a week ago, it could further drop into the mid-zone of its range.

According to the analysis, if it loses the mid-range, BTC could risk a retest of the range lows, around the $90,000-$92,000 area. Similarly, market watcher Merlijn The Trader suggested that Bitcoin could fill the lower CME gaps if the war narrative intensifies.

BTC opened two CME gaps between the end of April and the start of May, situated at the $92,500 and $97,300 levels, respectively. Nonetheless, the trader considers that this could serve as a discount entry for investors, as BTC “already left higher CME gaps open,” signaling that a rebound to the levels is likely.

Moreover, he noted that Bitcoin is displaying the same structure as last year, which could hint at a massive rally brewing. In 2024, the cryptocurrency faced rejection from a multi-month descending resistance following its all-time high (ATH) rally, which set the Range high level.

Related Reading

According to the post, after the liquidity grab, BTC broke out of the key downtrend line, was rejected from the range high, and retested the descending resistance as support before a new rally.

In 2025, Bitcoin appears to be following this path, currently retesting the descending resistance after the breakout. “If you know the pattern, you know what comes next,” he concluded.

Featured Image from Unsplash.com, Chart from TradingView.com

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