Bitcoin Targets $60,000: Will Falling Treasury Yields Support Bulls?

Bitcoin is inside a tight range when writing, stable at press time, looking at the formation in the daily chart. Although the coin is under immense pressure, supporters are optimistic about what lies ahead. Of note, traders are looking at how prices react at $60,000, a psychological level, should bears press on. On the upper end, the immediate resistance level is at $66,000.

Considering the general inaction yesterday, Bitcoin remains stable, although it is bearish. In the past day alone, the coin added roughly 1% but is down by roughly 3% in the previous week. At the same time, the average trading volume stands at over $19 billion, meaning there is general engagement from the community.

The following Bitcoin news events are worth watching:

• Hashdex plans to make history by being the first asset manager based in Brazil to issue the first hybrid spot ETF combining Bitcoin and Ethereum. If the United States SEC approves, it would be a push in the right direction, catering to investors seeking exposure to both assets. So far, the agency will have to give comments after three months.
• Bitcoin is trading at around a five-week low amid increasing liquidation pressure. Analysts note that Treasury yields have been falling in sync as the coin drops.

Bitcoin Price Analysis

BTC/USD is under pressure, looking at the candlestick arrangement in the daily chart.

Bitcoin is trading below $66,000 and is, therefore, bearish from an effort-versus-result perspective.

Moreover, this preview holds since prices are still moving in the direction set in motion by the June 7 and 11 bars.

As it is, bear bars are also aligning with the lower BB, pointing to high selling momentum.

Accordingly, despite the general inactivity on June 19, aggressive traders can short on every attempt higher, targeting $60,000.

This outlook will change if there is a sharp break above $70,000.