Yesterday, $BTC broke through the $65K to $65.8K resistance zone we had been tracking. π
Price has since reached an intraday high near $66.9K, but has pulled back to approximately $65.9K. That places BTC directly on the upper edge of the former resistance zone.
The macro backdrop has also become less supportive now. β¬
Brent crude climbed towards $93 after further US strikes on Iran and new threats to oil shipping routes, while the US 10-year yield remains near 4.63%.
Alphabet and Tesla report later today, providing another test for tech-led risk appetite.
Holding above $65.8K would keep the breakout intact and leave $68K in view. A sustained move below $65K would weaken the structure and return attention to $64K.
BTC has completed the breakout. It is now testing whether former resistance can hold as support.
Bitcoin is bouncing a little whilst traditional markets are closed. π
Friday saw the Nasdaq fall 1.4%, the S&P 500 lose 1% and oil complete a roughly 16% weekly surge as US-Iran tensions intensified.
Today, $BTC has recovered from around $62.5K to above $64K.
That relative strength is worth noting, but weekend crypto trades without a live US equity or Treasury market. Thinner liquidity can exaggerate moves while the wider macro reaction remains paused.
The real test comes when traditional markets reopen.
Hold $64K against continued pressure elsewhere, and Bitcoin is showing genuine relative strength. Lose it, and this may simply be a weekend relief bounce.
The $64.5K rejection came as the macro backdrop turned less supportive for risk.
US jobless claims fell to 208K, the Philly Fed index jumped to 41.4 and Treasury yields moved higher. Add oil holding near one-month highs amid renewed US-Iran tensions, and buyers had a difficult environment in which to sustain the breakout.
That does not confirm a return to the low $60Ks, but it helps explain why momentum faded at this level.
$64.5K now becomes the key area for bulls to reclaim. bitcoin:native
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