Bitcoins price of 66K now deemed critical 5 key updates to know this week

Bitcoin is entering a new week with a different vibe compared to much of June, as it struggles to break free from one-month lows.
The price action of Bitcoin (
BTC
) has taken a negative turn after facing resistance at $70,000 multiple times. What lies ahead?
With Bitcoin market movements being dictated by a stubborn trading range, traders and analysts are pondering what the immediate future holds – will the bulls or bears take control?
Last week, a series of United States macroeconomic data and Federal Reserve comments seemed to impact Bitcoin negatively, causing the largest cryptocurrency to drop nearly 5% and briefly dip below $65,000.
Although there are fewer macro triggers expected this week, employment figures could still surprise as the U.S. inflation outlook sends mixed signals to risk assets.
Many are adopting a wait-and-see approach when it comes to BTC/USD – until there are signs of a shift in the range, there’s little else to do but wait.
Meanwhile, Bitcoin miners are adjusting to the post-halving environment as a “capitulation” phase continues. Network fundamentals are cooling, with mining difficulty set to decrease by around 1.3% this week.
As all-time highs seem out of reach for now, Cointelegraph examines the key BTC price talking points for market observers and participants.
BTC price teeters on the edge of support failure
A challenging week for Bitcoin bulls concluded with BTC/USD down 4.3% at the weekly close, according to data from Cointelegraph Markets Pro and TradingView.
After hitting one-month lows, bulls managed a slight recovery to focus the market on $66,000 – a level that remains relevant as of June 17.
While the week was tough, it offered little hope for a decisive resistance/support flip at key levels such as $69,000 and above.
“Bitcoin remains bearish on 3-day Predator. No significant sign of a trend shift yet,” DecenTrader’s trading suite informed subscribers about the latest signals from its trading indicators.
Data from CoinGlass highlights the importance of $66,000 in terms of order book liquidity, with $67,300 acting as a resistance level.
As a result, a narrow trading corridor has formed, with traditional finance unable to alter the current status during the first Asia trading session of the week.
Popular trader Jelle expressed that sideways price action is generally not negative, but impatience could be.
Jelle described the weekend movements as typical for Bitcoin and noted the bullish divergence and the importance of maintaining a price above $66,300.
Others, like commentator Matthew Hyland, noted that Bitcoin’s 10-week simple moving average remained intact despite the recent dip.
Jobless claims highlight a calm macro week
After a flood of macroeconomic data in June, the upcoming week offers a welcome break for risk asset traders.
Only U.S. jobless claims could potentially cause volatility in the crypto sector, which has shown sensitivity to unemployment surprises throughout 2024.
The Juneteenth holiday on June 19 provides a break for the U.S. market, with jobless claims scheduled for the following day.
The Kobeissi Letter referred to the impact of ongoing data releases on market expectations for a significant loosening of U.S. financial policy.
Estimates from CME Group’s FedWatch Tool suggest that the earliest likely date for Fed cuts is the September meeting, with the July meeting having only a 10% chance of a cut.
Financial commentator Tedtalksmacro highlighted the shift towards more accommodative monetary policy based on recent data, emphasizing the critical support level of $66,000 for Bitcoin in case of any macro surprises.
Bitcoin miner capitulation in full swing
Bitcoin network fundamentals are still adjusting post-halving as miners face economic challenges.
BTC.com’s estimates forecast a 1.3% decrease in mining difficulty at the next readjustment on June 20.
This reflects a mixed landscape since April’s block subsidy halving, with miners adapting to the new economic environment.
A “capitulation” phase is currently underway on hashrate, with the hash ribbons metric indicating a pre-breakout phase for BTC price.
Despite the challenges miners face, the sustained demand for Bitcoin suggests market resilience beyond just miner activity.
Bitcoin wallet numbers erase bear market concerns
Recent data from Santiment shows a resurgence in wallets with 10 BTC or more, reaching 16.16 million – the highest since June 2022, reflecting 82% of the BTC supply.
Whales and larger-volume traders are accumulating Bitcoin, hinting at expectations for price upside in the coming weeks.
Wallets holding BTC before the launch of U.S. spot Bitcoin ETFs in January have remained dormant, turning their owners into longer-term holders.
This trend suggests strong support for Bitcoin’s price moving forward.
In conclusion, the article provides insights into the current state of the Bitcoin market, highlighting key factors influencing price movements and market sentiment.