Bitcoin Price Analysis – June 7

  • The Bitcoin price has been caged above the $7,700 resistance level.
  • A powerful bullish breakout is imminent.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Ranging

Resistance: $7,750, $7,800, $7,850

Support: $7,650, $7,600, $7,550

Yesterday, June 7th, the Bitcoin price was still range-bound between $7,800 and $7,000. The asset has not been able to break the predetermined levels of the market and as a result, a range-bound market strategy was adopted, to trade Bitcoin's ranging market. Yesterday, Bitcoin was trading above the $7,500 price level. The asset is currently trading at $7,703.

However, the weekly chart shows that the bears are in fierce defiance at the $7,700 resistance level. A powerful bullish breakout will undo the bears' resistance. On June 3rd, the bulls made an attempt all day to break the resistance level at $7,700, but with no success. Rather, the bears took control and brought the price to $7,400, on June 4th. Today, the bulls are back again at the $7,700 resistance level.

As a trader, if you take a short trade at $7,700 and a stop loss above the $8,000 resistance level, you will make partial profits, if the bears decide to take the price to $7,400. Meanwhile, the relative strength index period 14 is level 81, indicating that the market is overbought and suggesting that the bears will take control of the market.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chart

The daily chart shows the asset price in a range-bound movement. The asset rose to $7,700 to resume a range-bound movement.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

Hamas' Military Wing Asks Supporters for Bitcoin Donations, Again

Francisco Memoria

The Al-Qassam Brigades, the military wing of an organization designated as a terrorist group in Europe and the United States currently in control of the Gaza Strip, Hamas, have recently called on supporters for Bitcoin donations.

According to the Israel National News, the group has asked for cryptocurrency donations through a special page on its website that asked supporters for BTC to “Support the Resistance,” in a campaign that sees it state there’s a duty to “support jihad because Jerusalem is an integral part of the Islamic faith.”

This is notably not the first time the group asks its supporters for donations in the flagship cryptocurrency. Back in January, CryptoGlobe reported that a Hamas spokesperson, Abu Obeida, asked supporters for BTC via Instagram, in a post that read:

The Zionist enemy fights the Palestinian resistance by trying to cut aid to the resistance by all means, but lovers of resistance around the world fight these Zionist attempts and seek all possible means to aid the resistance.

The group has reportedly been looking to raise funds via cryptocurrency as it has faced financial woes in the last few years, as banks throughout the world have been distancing themselves from the organization. Hamas’ representative blamed Israel for its current situation earlier this year.

Hamas Tried To Raise Funds Through Coinbase

As reported, Israel-based blockchain intelligence startup Whitestream tracked down two bitcoin donations the cash-strapped group received after the January plea. Per Whitestream, Hamas’ address showed the group was using Coinbase, and received “two relatively small bitcoin donations” amounting to “only $2,500.”

These are said to have come from a bitcoin trader in Khan Yunes, a small town located in the Gaza Strip. Hamas, at the time, published two bitcoin addresses to receive funds, and the Israeli-based firm believes it had to do so after Coinbase blocked the first one.

Notably, the group’s military wing is asking for donations shortly after a Gaza rocket hit a home in central Israel, according to the BBC.