Bitcoin Price Prediction: BTC/USD Creeps towards $9,500 Following Rejection at $9,700 ByAzeez MustaphaPRO INVESTOR Updated: 11 June 2020 Bitcoin (BTC) Price Prediction – June 4 The Bitcoin price is trading above $9,200 against USD and the coin is likely to climb steadily with a few downward moves. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $10,600, $10,800, $11,000 Support Levels: $8,500, $8,300, $8,100 BTCUSD – Daily Chart It is safe to say that BTC/USD has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A few days ago, the Bitcoin price rose sharply by moving above the resistance levels of $9,500 and $10,000 against the US dollar. The coin even exceeded $10,000 levels before correcting lower making people unsure if they should buy Bitcoin. At the moment, the price is declining and is moving close to the 9-day and 21-day moving averages at $9,536. In addition, a crucial uptrend could probably form above the moving averages, with support close to $9,400 on the daily chart. However, if the decline occurs below the trend line, the price could extend its downward correction to the $9,200 level and any other loss could possibly push the price of Bitcoin to the support level of $8,800. More so, at the time of writing, the Bitcoin price had dropped slightly to $9,536. A further drop may cause the market to reach the critical supports at $8,500, $8,300, and $8,100. In other words, if the market were to rebound, we could see the next buying pressure towards the resistance levels of $10,600, $10,800 and $11,000. Nevertheless, BTC still maintains a bullish trend on the daily chart, with the RSI (14) moving sideways. BTC/USD Medium-Term Trend: Ranging (4H Chart) Looking at the 4-hour chart, the resistance at the $9,800 was too heavy for the bulls to overcome. So the price is seriously struggling in a consolidation mode, which has made BTC remain indecisive over the past few hours now. The resistance levels to watch are 10,200 and above. BTCUSD – 4 Hour Chart In addition, Bitcoin’s price is still roaming around the $9,768 and we can see that the bullish supply has been slowly turning heavy in the market, while the bears are trying to drag the price below $9,500 support. Meanwhile, the $9,200 and below may come into play if BTC breaks the mentioned support. There’s hope for the buyers as soon as the RSI (14) faces the north. 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.
