Bitcoin (BTC) hit new two-week lows at Wednesday’s Wall Street open as traders predicted a rally to a “poor” lower high.
Key points:
- Bitcoin price action edges closer to range lows, which traders still see holding.
- A relief bounce should enter soon, they say, with targets closer to $70,000.
- US-Iran peace progress has little bullish impact on risk assets, with US stocks flat at the open.
BTC price nears range lows: Is $70,000 next?
Data from TradingView showed BTC price action dropping below $60,000 for the first time since June 10.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Traders had warned of increasing short interest with rising funding rates, boosting the odds of a capitulatory move lower.
“It’s time to start bouncing soon on the LTF,” trader Killa wrote in ongoing commentary on X, referring to low time frames.
“Range bound till proven otherwise.”
BTC/USD chart segment. Source: Killa/X
Killa uploaded a further chart showing a relief bounce toward $70,000, being due following the bounce.
BTC/USD chart segment. Source: Killa/X
Fellow trader RektProof had a broadly similar forecast, seeing BTC/USD trading in a range with $60,000 as its floor “for the rest of the month.”
“Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k,” he added.
BTC/USDT one-hour chart. Source: RektProof/X
Stocks tread water as Hormuz oil transit progresses
On a macro level, US stocks appeared to have already priced in relief from the US-Iran peace deal.
Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’
Upside was limited at the open despite US President Donald Trump offering further details of mutual cooperation between the two sides.
Trump specifically made reference to the Strait of Hormuz oil transit route, writing in a post on Truth Social that there would be “no tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling” via the route.
Source: Truth Social
The S&P 500 traded up 0.4% at the time of writing, while the Nasdaq Composite Index even turned slightly negative on the day.
Earlier, Cointelegraph reported on several factors keeping risk-asset enthusiasm in check, including forward earnings guidance by tech giant Micron Technologies and the May print of the Personal Consumption Expenditures (PCE) index, due out on Wednesday and Thursday, respectively.