Bitcoin Price Analysis - June 4

Azeez Mustapha
  • The resistance by the bears made price of Bitcoin to fall to the low of $7,550.
  • The relative strength index period 14 indicates that the asset is oversold both at the medium and short-term.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Ranging

Resistance: $7,600, $7,650, $7,700

Support: $7,500, $7,450, $7,400

Last week, THE price of Bitcoin had been in a range bound movement all through the week. First of all, THE price of the asset was sustained above the $7,000 price level. Secondly, Bitcoin was fluctuating below and above the price of $7,500. However, the asset rose  above THE $7,500 price level, and it was resisted at $7,613. It fell to the low of $7,303 and later made another attempt to come back to the high of $7,500.

The asset is currently trading at the price of $7,574.35 as at the time of writing. From the weekly chart, the asset is in a range bound movement. The asset is trading above the $7,500 price level. The bulls are still resisting at a price of $7,613; this was the exact situation the asset faced last week. As the asset is being resisted, it is likely to fall to the low of $7,303.

Meanwhile, the relative strength index period 14 is level 26 which indicates that the market is oversold - suggesting that bulls will take control of the market.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chart

On the daily chart, the price of BTCUSD pair was consolidating at the price of $7,700 because of the resistance by the bears. The asset fell to the low of $7,550 after the range bound movement.

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