Bitcoin cryptocurrency rate (BTC) did not overcome the resistance at $ 9,800 and began to adjust. Therefore, BTC/USD should become cheaper by $ 9,000 by June 30th.
On June 22, a bullish trend appeared on the Bitcoin market, as a result of which the virtual currency rate broke resistance at $ 9,400 and $ 9,500. BTC/USD reached its maximum in the last 11 days – $ 9,779 (Bitstamp data), but then a correction began, and the asset fell to $ 9,617.
The chart demonstrates a bearish trend line with resistance at $ 9,650. If buyers do not overcome this barrier, the cryptocurrency price will drop to the level of $ 9,530, which is at 50% Fib recorded during the pump from $ 9,282 to $ 9,779. The upward movement will meet resistance at $ 9,700 and $ 9,800. Successful penetration of these barriers will mean an increase in the cost of BTC to $ 10,000.
BTC/USD has been fluctuating in the range from $ 8,200 to $ 10,200 over two months. At the same time, in June the level of volatility and trade volume decreased markedly. At the beginning of the month, the dynamics of the Bitcoin exchange rate went beyond the upward trend that arose in March. Given this fact and the bearish trend line, on June 30, the price of Bitcoin will gain a maximum of $ 9,391. MoreoverBTC/USD rate exceeded the boundary of the trend; as a result, the downward movement should accelerate.
At $ 9,200, a key support zone has formed. If this barrier is broken during the next dump, then the price of BTC may well drop to $ 5000. Otherwise, a rebound of up to $ 11,000 is possible. Bitcoin managed to stay in the range above the downtrend line, which started in June 2019. In this regard, the coin has a chance to set a new record for value this year, however, a negative scenario is more likely.
Ethereum Price Analysis: ETH/USD Could Rise To $ 3000
Bitcoin Price Analysis: BTC/USD Has Entered The Consolidation Phase
Ethereum Price Analysis: ETH/USD Prepares For A Breakthrough To $ 2,000
Bitcoin Price Analysis: BTC/USD Is In Danger Of Collapse