Circle · Bitcoin · Iran · Strait of Hormuz · Cointelegraph
Bitcoin analysis sees 'bear trap' as BTC price passes two-week lows under $78K
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Bitcoin fell below $78,000 for the first time since the start of May, but traders refused to give up hope of a BTC price rebound coming next.
Key facts
- Data from TradingView confirmed new lows of $77,614 on the day, the lowest levels since May 1
- Among Bitcoin traders, there were ongoing mixed feelings about the bears’ strength below $80,000
- For analyst Eric Coleman, a target for new local lows lay at around $75,000
- Examining exchange order-book liquidity, Daan Crypto Trades highlighted $71,000 as the nearest zone of interest below price
Summary
Bitcoin (BTC) circled $78,000 on Saturday after geopolitical headwinds erased most of its May gains. Bitcoin falls below $78,000 for the first time since the start of May. Oil-supply woes combine with existing nerves over US bond markets, adding to headwinds for risk assets. Support weakness has traders looking at $75,000 and under next, while optimists see a "bear trap" forming.