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Bitcoin Price Prediction for Today, June 1: BTC Slumps Below $30,000

Bitcoin Price Prediction
Bitcoin Price Prediction

The Bitcoin price prediction sees a 5.71% decline over the past few hours as the cryptocurrency falls to $29,852 and heads lower.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $29,969
  • Bitcoin market cap – $570.18 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $36,000, $38,000, $40,000

Support Levels: $25,000, $23,000, $21,000

BTC/USD loses its momentum after touching key resistance above $31,964. As of writing, the king coin is down by 5.71% on the day at $29,969 facing the 9-day and 21-day moving averages. Meanwhile, Bitcoin may struggle to close above $30,000, and if it does, it should be free to rise well above $35,000 if it moves in the next positive direction.

Bitcoin Price Prediction: Can Bitcoin Price Trade Above $32,000?

Looking at the daily chart, the Bitcoin price is likely to slide below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to break towards the upper boundary of the channel. However, in today’s session, the king coin attempted to push higher above the resistance level of $32,000, but the sellers step in and start pushing the Bitcoin price lower to touch the daily low of $29,852.

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Nevertheless, if the coin moves lower, the $29,000 may serve as the nearest support level, which could make room for the king coin to fall further to hit the supports at $25,000, $23,000, and $21,000. The Relative Strength Index (14), which nosedives below 50-level, indicates a downward movement. On the contrary, BTC/USD may likely see the resistance levels of $36,000, $38,000, and $40,000 if it finds its way towards the upper boundary of the channel.

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

On the 4-Hour chart, the BTC price hovers around $29,700 and could cross below the lower boundary of the channel if the selling pressure increases. However, if the bulls gather enough strength and cross above the moving averages, the upward movement may be able to near the resistance level of $31,000 and above.

BTCUSD – 4 Hour Chart

On the downside, immediate support could be located around the $29,000 level, while the critical support is at $28,500 and below. Therefore, the Bitcoin price may likely cross below the channel if the bears put more pressure. In addition, the Relative Strength Index (14) crosses below the 40-level, suggesting a bearish movement.

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