Bitcoin Price Prediction – June 7
The Bitcoin price retested the $35,000 support level as it is now rising, but it must clear $37,000 and the moving averages for a steady increase.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $31,000, $29,000, $27,000
BTC/USD is currently recovering higher from the $35,000 support zone and the first digital asset must clear $37,000 resistance above the 9-day and 21-day moving averages to start a fresh increase in the near term. Looking at the daily chart, traders could see that BTC is yet to break above the 9-day moving average. The implication is that the market may drop to retest the $33,000 support. This is possible if the sellers reclaim the $35,000 crucial support level and in most cases, sellers may find penetration difficult at this level.
Bitcoin Price Prediction: Would BTC Climb Higher this time?
As reveals by the daily chart, the Bitcoin price hiked to a new weekly high touching the resistance level of $36,812 at the opening of today’s market. In the meantime, traders could see that the Bitcoin price has continued to converge above the key level of $36,000. The 9-day MA trend-line is ready to cross above the green trend-line of the 21-day MA as they prepare to face the north. The Relative Strength Index (14) moves toward 40-level in an attempt to probably cross back to the north. That signals that the return of a bullish uptrend may likely play out.
The first major resistance is near the $38,500 level while the main resistance is still near the $40,000 level. Therefore, a clear break above the $40,000 level could set the pace for a larger increase to $42,000, $44,000, and $46,000 resistance levels. On the contrary, should Bitcoin price fail to clear the $37,000 resistance, it could start a new decline as the initial support on the downside is near the $35,500 level. If there is a downside break below the $33,500 support and $32,000, the price could start a sharp decline towards the support levels of $31,000, $29,000, and $27,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart for BTC is still looking bullish as the market has been showing a sign of a bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $35,258 which is now a key support level. The next key support levels are $35,000 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $37,000 resistance. A climb above the mentioned resistance may further push the BTC price to the resistance levels of $38,000 and above. As it appeared now, it seems the bears may likely return into the market as the Relative Strength Index (14) is now revealed moving around 48-level, suggesting sideways movement.
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