Bitcoin Price Prediction: BTC/USD Creeps towards $9,500 Following Rejection at $9,700

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

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.

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.

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