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.