Bitcoin price forecast – June 2
The Bitcoin price will recover from the support by $ 35,920 and added more than $ 2,500 to its current value.
BTC / USD Long Term Trend: Downward (Daily Chart)
Resistance levels: $ 42,000, $ 44,000, $ 46,000
Support levels: $ 32,000, $ 30,000, $ 28,000
BTC / USD is currently around $ 38,182 and a 4.07% increase over the last 24 hours. According to the daily chart, the Bitcoin price is struggling to stay above the important $ 38,000 level when it exceeds the 9-day moving average. However, in order for the BTC / USD to remain above this level in the coming days, bulls need to make the $ 35,000 support level quite strong.
Bitcoin Price Forecast: Could Bitcoin (BTC) Break Higher?
A few days ago, BTC / USD has maintained little upward movement, and if the first digital asset breaks above the 21 – day moving average, it could touch the nearest $ 40,000 resistance level. In addition, Bitcoin (BTC) needs to restore this important level of resistance to get up. If successful, the primary cryptocurrency could therefore target $ 42,000, followed by $ 44,000 and $ 46,000 resistance levels.
However, in the daily range of the relative strength index (14), it can be concluded that BTC / USD is done with the downside. At the same time, recovery may not be easy, and traders need to know that support needs to be over $ 38,000, while other important areas to keep in mind are around $ 42,000, $ 44,000 and $ 46,000.
Nevertheless, despite the current movement, the RSI (14) has not yet exceeded the 50 level, which means that bears can still be studied. If that happens, the $ 32,000, $ 30,000 and $ 28,000 grants can be played.
BTC / USD Medium Term Trend: Fluctuating (4H chart)
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is moving upwards and is ready to exceed more than 60 levels. In the meantime, for this to come into play, there is a slight upward difference in the technical indicator when the signal line is facing north.
However, if the Bitcoin price breaks above the channel cap, the market price is likely to reach resistance at $ 41,000 and above. Conversely, if the current market value falls below the 9- and 21-day moving averages, it is likely to affect subsidies of $ 36,000 and below.