Bitcoin Price Slides Below $65,000 Level As Macro Short Term Risks Weigh In
Key Insights:
- Bitcoin (BTC) price enters its second day of retreat after a sustained uptrend so far this month.
- Rising oil prices underscore escalating macro concerns that could influence investor sentiment.
- Institutional flows could limit the downside if one particular thing happens.
Bitcoin price has maintained an overall uptrend so far this month. There have been a few pullbacks here and there, and the latest one threatens to subdue the bulls even more.
Bitcoin price pushed close to $67,000 on Tuesday as bullish momentum prevailed. This gave rise to confidence that the king of the cryptocurrencies could potentially push above $70,000 for the first time since early June.
However, the Bitcoin price chart has retreated into the red for the second consecutive day after achieving a monthly high on Tuesday. For context, BTC price exchanged hands at $64,868 at press time after a 3% pullback from its recent local highs.
Notably, the targets and analysis are based on technical indicators and on-chain data, and the article is not financial advice. Investors should exercise due diligence or seek assistance from a financial expert, as the crypto market often shows highly volatile trading.
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