Bitcoin (BTC) Price Prediction – June 2
The Bitcoin price shot above $10,400 for the first time in more than three weeks.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,300, $11,500, $11,700
Support Levels: $8,900, $8,700, $8,500
BTC/USD shot above $10,000 for the first time since the first week of last month. A day before halving, Bitcoin dumped massively to levels close to $8,000. However, the recovery had been lethargic in the last two weeks, with resistance first at $9,000 and later at $9,700. Yesterday’s breakout above $10,000 paved the way for a flash rally to $10,420 which is June high. Meanwhile, in the last 12 hours, BTC/USD has retreated but defended the ground above $10,000.
Looking at the daily chart, BTC/USD is likely to continue with declines targeting $10,000 in the short term. To avert the losses buyers have a task to keep the price above $10,100 and even pull above $10,200. A step past $10,200 would encourage more buyers to join the market for another run towards $11,000. Meanwhile, the RSI retreating movement suggests sellers are gaining traction as the RSI (14) moves below 68-level.
Nevertheless, any failure by the bulls to move the price up, we may see a price cut to $9,500 vital support. A further low drive could send the price to $8,900, $8,700, and $8,500 supports. For now, the bulls are still dominating the market. But as things stand, the BTC/USD price may continue to follow the upward trend while the nearest resistance lies at $11,300, $11,500, and $11,700 levels.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, Bitcoin’s price is currently trading around $9,578 and below the 9-day and 21-day moving averages after falling from $10,242 where the coin touched today. From a technical point of view, the trend is in the hands of the sellers.
The technical indicator RSI (14) is retreating even though it had not reached the 40-level. As long as the downward trend continues, keeping Bitcoin above $9,500 will be a daunting task. In this case, it is best we look at possible support levels, starting at $8,900, $8,700, and $8,500. While the resistance lies at $10,600 and above.
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