Bitcoin prices have recently pulled back from the recent high, at around $67,000 after the release of the futures ETF last week.

With inflationary pressures on the rise, low global interest rates have resulted in an increase in the institutional adoption of digital assets which have supported the upward trajectory pertaining to digital assets since last year.

However, as major cryptocurrency continue to face scrutiny from China and other regulators, an increase in geopolitical tensions and the release of high-impact economic data (inflation data, GDP figures, and unemployment) may further assist in the catalyzation of price action for the imminent move.

DailyFX Economic Calendar

BITCOIN TECHNICAL ANALYSIS

After climbing to a new ATH, failure for bulls to drive prices to the key psychological level of $70,000 enabled the bears to drive prices back towards the $60,000 level.

With markets now pricing in the potential of rate hikes, technical factors continue to weigh on BTC/USD, at least for now.

At the time of writing, BTC/USD currently continues to test the key psychological level of $60,000 which continues to provide both support and resistance for the pair.

Meanwhile, on the daily time-frame, prices have now fallen below the 50-day moving average with a MACD (moving average convergence/divergence) crossover above the zero line, suggestive that further downside may be expected provided that the MACD crosses below the line.

Bitcoin (BTC/USD) Daily Chart

(Click on image to enlarge)

Chart prepared by Tammy Da Costa using TradingView