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Bitcoin Price Prediction: BTC/USD Continues to Consolidates Below the $9,800 Level

Bitcoin (BTC) Price Prediction – June 8

Looking at the daily chart, BTC/USD continues its path to $10,000 while its trading volume keeps decreasing.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,700, $10,900, $11,100

Support Levels: $8,600, $8,400, $8,200

BTCUSD – Daily Chart

After encountering another rejection at $9,818, BTC/USD is struggling to hold above the intraday support at $9,700 as the coin touches the low of $9,621 today. Since a couple of days ago, the bulls’ focus has been to break the resistance at $9,800 level. BTC/USD is currently facing a sideways movement as the daily chart reveals But is it time to buy Bitcoin?.

At the time of writing; BTC/USD is valued at $9,722 after losing 0.28% on the day. The daily chart also shows the possibility of sideways trading taking precedence and a glance at the RSI (14) indicates that the prevailing trend is neither bearish nor bullish as its signal line moves below 60-level. However, as a result, the price of Bitcoin is trading around the 9-day moving average.

Moreover, the current decline is such that the price drops below $9,800 level. BTC/USD is currently consolidating above $9,700 and could fix higher. In addition, the main resistance is at $10,700, $10,900, and $11,100. Conversely, if there is no recovery above $10,000, the price may continue to fall to the support levels of $8,600, $8,400, and $8,200 respectively.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the Bitcoin price is still under $9,800 and could continue to weaken if the price falls below the 9-day and 21-day moving averages. However, before the current correction is completed, BTC/USD may likely reach the support of $9,500 and below for it to experience a decent recovery.

BTCUSD – 4H Chart

However, the technical indicator RSI (14) shows a downward price momentum, as it is in the bearish zone and the signal line remains above 50-level. The Bitcoin price may experience further resistance of $10,000 if it raises the much-needed price recovery above $9,800. At the moment, the market is in the ranges of $9,400 and $9,800 levels.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.