Key Highlights
- Bitcoin tested $60,000 before it started a recovery wave.
- BTC/USD traded above a bearish trend line with resistance at $62,500 on the 4-hour chart.
- Ethereum recovered by over 10% and climbed above $1,750.
- WTI Crude Oil prices extended losses and traded below $82.00.
Bitcoin Price Technical Analysis
Bitcoin price extended losses and tested $60,000 against the US Dollar. BTC formed a base above $60,000 and recently recovered some losses.
Looking at the 4-hour chart, the price climbed above the $62,500 and $63,500 resistance levels. The price traded above a bearish trend line with resistance at $62,500. It opened the doors for a move above the 38.2% Fib retracement level of the downward move from the $77,988 swing high to the $59,060 low.
Moreover, the price surpassed the $65,000 level and the 100 simple moving average (red, 4-hour). If the price extends gain, there could be a test of the 50% Fib retracement level at $68,500.
The main resistance sits near $70,000 and the 200 simple moving average (green, 4-hour). A close above $70,000 could send the price toward $73,200. Any more gain might call for a test of $75,000.
If there is a fresh decline, immediate support might be $65,000 and the 100 simple moving average (red, 4-hour). The first key support could be $64,200. The main breakdown support could be $63,500. A downside break below $63,500 might start another decline. The next major support might be $60,000, below which BTC could decline toward $58,000.
Looking at Ethereum, the price also started a recovery wave and was able to surpass the $1,750 resistance zone.
Today’s Key Economic Releases
- US Import Price Index for May 2026 (MoM) – Forecast +1.0%, versus +1.9% previous.
- US Export Price Index for May 2026 (MoM) – Forecast +1.2%, versus +3.3% previous.
- US Housing Starts for May 2026 (MoM) – Forecast 1.430M, versus 1.465M previous.
- US Building Permits for May 2026 (MoM) – Forecast 1.420M, versus 1.423M previous.
