Is Bitcoin’s relief rally over? - BTC risks falling below $70K again
Bitcoin Is Bitcoins relief rally over? – BTC risks falling below $70K again Bitcoin [BTC] has endured a tough second half of May. Earlier this month, the leading crypto marched, seemingly inexorably, past the $80k summit. The bullish price action was at odds with the myriad of on-chain metrics that suggested buyer strength was waning. The short-term upward momentum was also part of a relief rally that the coin was seeing after the sizeable downward spiral earlier in the year. Bitcoins continued gains despite the backdrop of a difficult macro environment, but the $83k-$89k was expected to present a significant hurdle to the rally. Source: BTC/USDT on TradingView The bearish swing structure set in place earlier this year almost produced a relief rally into the Fibonacci golden pocket at $83.4k-$89.8k. Buyers showed exhaustion above $80K, and the supply overhang left bulls facing a steep uphill battle. They failed to hold momentum, allowing bears to extend the broader downtrend. This brings gloomy southward price targets of $51,049 and $36,562 as the Fibonacci extension price targets in the coming months. Another bearish structural shift for BitcoinSource: BTC/USDT on TradingView The $75k area, highlighted in red, was the latest higher low in Bitcoins former uptrend that reached $82.8k. This swing low was