Bitcoin (BTC) Price Prediction – June 7
BTC/USD trades with a low of 1.98% over the past 24 hours as the cryptocurrency fails at $9,754 and heads lower.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,500, $10,700, $10,900
Support Levels: $8,700, $8,500, $8,300
BTC/USD loses its momentum after touching key resistance above $9,754. At the time of writing, the pair is down with 1.98% on the day at $9,480 trading around the 9-day and 21-day moving averages within the channel. Meanwhile, looking at the daily chart, Bitcoin is struggling to close above $9,500 and it couldn’t, but once it does this, it should be free to rise well above $9,600 in the next positive directions.
However, we can see that in yesterday’s trading session, BTC/USD was unable to close above the resistance at $9,700. Moreover, in today’s session, the coin couldn’t push higher; the bears step-in and push it lower to reach the current level. Nevertheless, $9,000 serves as the nearest support level, which may likely make room for the coin to fall further with the supports of $8,700, $8,500, and $8,300.
In addition, the technical indicator stochastic RSI faces the south to indicate a downward movement. A further bearish movement is expected but on the upside range, if the bulls energize and push the price above $10,000, the upside range may resume and BTC/USD may likely see the resistance levels of $10,500, $10,700, and $10,900 if it crosses above the channel.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-Hour chart, BTC price hovers around $9,465 and may take time to persistently trade above $9,500. More so, if the bulls gather enough strength and regroup, the upward movement may be able to touch the resistance levels at $9,700, $9,900 and $10,100.
However, on the downside, immediate support is around the $9,400 level while the main support is at the $9,300 level. The price may likely fall below $9,200 if the bears pressurized the bulls, a further movement could reach the critical support at $9,000 level. Technically, BTC/USD is currently moving in sideways while the stochastic RSI moves into the oversold zone.
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