Bitcoin's (BTC) short-term price action has been dominated by a tug-of-war, triggered around the $31,000-$32,000 level, with a reversal on June 6 triggering a quick sell-off that drove the price down to $29,200.
Surprisingly, on June 7, as Bitcoin price reversed yet again, it rallied to $31,500, but given the current resistance, traders may be cautious rather than expecting a rapid surge to 35,000 Dollar.
Here's what a few analysts have to say about Bitcoin's short-term outlook, and which support levels to watch going forward.
Cryptocurrency analyst and anonymous Twitter user il Capo of Crypto, who has studied the range-bound trading currently affecting Bitcoin, posted the following chart, highlighting that Bitcoin has been stuck in a "clear range" for almost a month.
According to the analyst,
"What's happening in this range and what's happening at the top of this range suggests that this is a clear redistributive range. Clear breakout of low range = confirmation of last leg down = 21K-23K."
Cryptocurrency trader and anonymous Twitter user Phoenix suggested a slightly different outcome to the current market drop, posting the chart below, bemoaning Bitcoin’s month-long range-trading and hinting that more of the same will be seen.
Market analyst and anonymous Twitter user Rekt Capital posted the chart below, highlighting the 200-week EMA (exponential moving average) as a key indicator to watch for anyone wondering about the bottom of Bitcoin.
According to Rekt Capital, Bitcoin's price history shows that while it "tends to confirm an uptrend when it breaks above the blue 50-week moving average," on the other hand, it "tends to confirm an uptrend when it reaches and breaks the black 200-week moving average." Identify the greatest financial opportunity".
The chart below, published by Rekt Capital, breaks down the recent price action of these indicators in order to get a better idea of which support levels to watch.
According to Rekt Capital,
“This area confluences with BTC’s 200-week MA in orange. In fact, BTC needs a wick below the 200MA to reach the ~$20K region. Interestingly, downtrends tend to occur below the 200MA, marking new bottoms.”
Currently, the total market capitalization of cryptocurrencies is currently $1.24 trillion, with Bitcoin dominance at 46.4%.
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