Bitcoin Price Prediction – June 1
As can be seen from the daily chart, the Bitcoin market is struggling to maintain momentum as pressure from the buying side eases.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $50,000, $55,000
Support Levels: $29,000, $24,000, $19,000
BTC/USD could slowly spring back into action after a slight move from the bears in the last few hours. In this case, the expectation of more restorations may prove to be true as the Bitcoin price is currently trading at $36,464 after climbing to $37,918. More so, the coin then retreated to where it is currently trading and could go lower if the bears fully return to the market.
Bitcoin Price Prediction: What Could Be The Next Direction?
The market is deciding around $36,464 around the 9-day moving averages, where the buyers and sellers are anticipating for a clear breakout or breakdown. Meanwhile, the $37,000 and $37,500 levels may further surface as the key resistances should the $36,500 level holds. However, a strong bullish spike may take the price to the resistance levels of $45,000, $50,000, and $55,000.
Moreover, if the market price continues to face the south, BTC/USD may likely drop below the lower boundary of the channel to touch the support of $29,000, and should this support fails to contain the sell-off, traders may see a further roll back to $29,000, $24,000, and critically $19,000. Meanwhile, the Relative Strength Index (14) is suggesting a downward movement for the coin.
BTC/USD Medium - Term Trend: Bearish (4H Chart)
The 4-hour chart for BTC is still range-bound, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is looking bearish; following the recent rebound at $38,868 which is now a key support level. The next key support levels are $34,000, $32,000, and $30,000.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $37,000 resistance. A climb above the mentioned resistance may further push BTC price to $39,000, $41,000, and $44,000 resistance levels. As it is now, it seems the bears may likely return into the market as the Relative Strength Index (14) moves below the 50-level and may continue to face a downward direction.