Bitcoin (BTCUSD) Price Forecast: June 6
Bitcoin price is awakening again today, as the crypto witnessed a notable upsurge to surpass the $70000 threshold. With an intraday jump, the crypto teases a breakout from the $70541.68 resistance to bolster further growth. The coin price could still go higher if the bulls are able to further break up the $73709.99 high level, then we can expect a good upside momentum up to the $80000 upper supply value, thereby stabilizing the entire crypto market.
Key Levels:
Resistance Levels: $62000.00 $63000.00, $64000.00
Support Levels: $50000.00, $49000.00, $48000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD price is awakening again, as the price continues to show a remarkable recovery above the supply levels on the higher time frames. The coin price now holds above the $70541.68 supply level which is above the moving average lines indicating an uptrend.
In the previous actions the coin has been having high interference from buyers which made it easier for the crypto to remain awake again and maintain stable upside moves in its recent high.
The coin price breakout to a $ 71300.00 resistance value above the EMA-50 as the daily chart opens today indicates the high buying impact of the bulls on the asset resulting in intraday gains. this confirms a bullish strong breakout and a buy continuation pattern as the crypto remains awakened again.
If the buying momentum persists, the Bitcoin price may continue rising, and the $73709.99 previous high level might be retested soon, bolstering buyers for a sustainable rally.
Further, the crypto market may remain awakened and continue its upside move as the price indicator projects an upward move. This implies that the bullish trend will most probably continue and the pattern might hit the $80000 resistance trend line soon as well as a potential buy signal in its long-term view.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The currency pair is also awakening again and continues in a bullish trend in its medium-term perspective. The coin price is undeniably seen trading above the moving averages. So, let’s sit back and watch the bulls take us higher.
The persistent bullish pressure to the $70562.24 high level in the previous action has led to the coin’s recent awakening again and may continue rising.
At the time of writing, the BTCUSD price now holds above the resistance at the $71247.97 level as the 4-hourly chart resumes today. Thus if this bullish growth pattern is persistent, the coin price may remain awakened and continue rising to an established stable uptrend.
Meanwhile, buyers are seen clustered around the market as indicated by the momentum indicator pointing upwards, which means that the BTCUSD pair is awakening again buyers will still be in control of the coin market and the post-breakout rally could reach the $80000.00 upper resistance level soon in its medium-term view.
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