BTCUSD opened the week at 76984.25 and closed at 73601.93, recording a net loss of 3382 points or 4.4%. The weekly high touched 77999.82 on Tuesday before sellers took control, driving price to a low of 72509.31 on Thursday.
The selloff accelerated on Wednesday when BTCUSD broke below the 75000 psychological level. Volume remained consistent through the decline, averaging around 340000 contracts daily until Friday's sharp drop to 86318 contracts.
The PBOC's USD/CNY reference rate setting on Friday morning added to risk-off sentiment across crypto markets. The stronger yuan fix typically correlates with reduced crypto demand from Asian markets.
No major economic events are scheduled for the upcoming week according to the bundle data. Without fundamental catalysts, BTCUSD price action will likely depend on whether buyers defend the 73000 support area. If this level holds, a retest of 75000 becomes possible. A break below 73000 would expose the Thursday low at 72509.
Current positioning shows 53.9% of traders are long versus 46.1% short as of May 29. The slight bullish skew suggests traders are betting on a bounce from current levels, though the margin is narrow enough to indicate divided sentiment after this week's decline.
The immediate resistance sits at 75000, which acted as support earlier in the week before failing. Below current price, the Thursday low at 72509 marks the next major support. If that breaks, the round number at 70000 comes into focus. Trade BTCUSD with LHFX's competitive spreads and deep liquidity.
Byline: LHFX Research
Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.
USD/CHF shed 60 pips this week as safe-haven demand pushed the franc higher against the dollar.
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