Bitcoin’s current upward trend could be at risk if it closes below $56,500 by the end of June, warns a new BTC price analysis. Material Indicators, a trading resource, has identified this level as a crucial point for Bitcoin bulls. The recent dip in BTC/USD has brought attention to the lows seen in May, which are now being closely monitored by traders. Material Indicators predicts that market pressure will increase towards the end of the week, especially with the weekly, monthly, and quarterly closes all happening on the same day. If bears take control, the $56,500 level from seven weeks ago will become a support level that buyers must protect. Co-founder Keith Alan stated that Bitcoin seems to be recovering well from this week’s decline. In a separate post, Alan highlighted the potential “spoofing” of order book liquidity by large-volume traders, which could impact price action. Order book data from Binance shows increasing bid liquidity between the current spot price and $55,000. Traders are closely watching the relative strength index (RSI) levels, as they have previously acted as signals for market bottoms. Bitcoin’s daily RSI currently stands at 34.2, indicating oversold conditions. This article does not provide investment advice and readers should conduct their own research before making any decisions.
Analysis Bitcoins uptrend at risk if price does not close June above 565K