Bitcoin is now in a critical situation. Losing $65.5k (Prev Week Low) at yesterdays close could be a significant moment as this had been an area of support for the last 2 weeks.
This morning BTC tested $62.8k which was the support established during the crash to $60k. There has been no significant reaction so far, and if we start to see acceptance below $62.8k then we likely see the $60k wick retested at least. This could also start a move down to $54k in the medium term which would be the first area I think we could start to consider a longer term bottom.
I mentioned yesterday to keep an eye on the rising channel, as a breakdown could lead to $65k.... and that is exactly what has played out.
From here I am watching to see if $65k (Previous Week Low) continues to provide support, and also the reaction of a retest at $67.6k (Weekly Open) which could become resistance. Let's see how the Monday Range develops for now.
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ETH exposure through equities is getting crowded 🙂
Once again, we saw Bitcoin reject from above $68k as it struggles to even retest the $68.8k (Weekly Open) level. I am watching this rising channel pattern (orange trendlines) because if this breaks down then there is a good chance we see $65k again over the next week. Something else to be aware of is the weekly EMA200 which is currently sitting in the $68.5k area- if the candle closes below that this week it would be the first time since September 2023.
Since Bitcoin reclaimed $67.2k (Monday Low) yesterday, this has been defended at every 4hr close even during the tariff volatility. BTC still struggling to gain any momentum above $68k which leaves us in a pretty choppy range and, with it being a Saturday, there is a good chance this continues today. As long as $67.2k is being respected on the 4hr chart, a push to test $68.8k (Weekly Open) before the end of the week seems likely.
After Bitcoin broke from the falling wedge to the upside, we have seen the first signs of bullish momentum in a while. $67.2k (Monday Low) was finally reclaimed, and is holding as 4hr support, but that recent 4hr close was not the best- A significant rejection from $68k, and only just about maintaining the Monday Low. I wouldn't be surprised to see $66.5k swept again today, but the key upside resistance to look for is $68.8k (Weekly Open) and then $70.1k (Monday High).