Bitcoin steadies as investors focus on the SpaceX IPO
Bitcoin remains in a local consolidation phase as geopolitical risks gradually move to the background.
Donald Trump once again stated that the United States is close to reaching an agreement with Iran to resolve the conflict.
Investors appear increasingly tired of the heavy flow of geopolitical headlines, and markets are no longer reacting as sharply to statements from either side. Against this backdrop, BTC managed to catch its breath and recover toward $63,000.
Outflows from spot Bitcoin ETFs have slowed, but they have now continued for 18 consecutive days. This supports the view that institutional investors are selling some of their holdings to free up additional capital ahead of the major SpaceX IPO.
Today, market participants are likely to focus primarily on this event, meaning strong price swings in Bitcoin are unlikely.
Support turns into resistance for Bitcoin
On the daily BTC/USD chart, the price has firmly settled below the $64,000–$65,000 support zone, which had previously prevented a deeper correction several times.
This range has now turned into the nearest resistance area. As long as Bitcoin remains below it, a return to a bullish trend remains unlikely.
Over the coming days, the expected trading range is $60,000–$64,000. A retest of the $60,000 support level appears highly likely.
The RSI (14) has exited oversold territory, meaning the risk of further downside remains.
Bitcoin's 60-day volatility currently stands at 1.98%, which represents a moderately low reading. Historically, such periods of reduced volatility have often preceded sharp price movements, as volatility contraction is usually followed by expansion.
Lack of capitulation keeps pressure on Bitcoin
Another pressure factor is the absence of clear signs of full market capitulation. Historically, major Bitcoin reversals have often formed after a sharp spike in realized losses and a broad exit of weak holders from the market.
At the moment, such a pattern has not yet emerged.
If pressure on the U.S. technology sector persists and risk appetite continues to weaken, Bitcoin could face another wave of selling in the coming weeks.
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