After two days of bitter fighting in the $8k-8,100 range, Bitcoin (BTC) has closed on the day (June 8) with a less than encouraging daily candle close below the mark. Many analysts have posited that failure to retake this level could result in a longer retracement to the downside – but the leading crypto remains stable and the bulls have put the market on notice that have not lost complete control.
Looking at the important daily chart (above), we notice a number of worrying signs with yesterday’s close. Price was again rejected below $8,000, with the 7th and 8th closes making what looks like a “tweezer top” pair of candle closes.
Moreover, price has closed below both the 21 and 9 EMA moving averages, both of which are important to get above in order for Bitcoin to stay at current levels. Volume for the day on the representative Coinbase exchange was less than half the prior day’s, showing little interest in pushing the leading crypto higher.
All in all, according to the daily chart, it does not appear that Bitcoin will be able to return to $8,000 and above. Momentum could now easily swing back toward the $7,000 range – but considering the wild swings we’ve seen recently, no surprise mass buying should be discounted.
If we take a closer look, on the hourly chart (below), we see that Bitcoin looks to be consolidating downward, in what looks like a descending triangle. This is of course generally a bearish pattern, and price seems to be making its way to a breakout within the next day.
We also notice that price, in the last couple of days trending above the 55 hour EMA, has begun to get rejected there, and is being squished below that level by the downtrend line. And so, on the small as well as large timeframe, BTC does not look strong.
Trends
Moving on to another kind of chart, according to Google Trends, worldwide interest in Bitcoin is again on the rise.
(Souce: Google Trends)
According to a recent blog post from ConsenSys, an Ethereum development incubator, “bitcoin” the search term is more popular among a global audience than all of the terms “Donald Trump,” “Kim Kardashian,” and “Tesla.” Unsurprisingly, searchers in the U.S. and Canada were most interested in Trump.
A similar comparison between “Ethereum,” “Climate Change,” “Lionel Messi,” and “Jeff Bezos” leaves Ethereum competitive but not at the top – “Climate Change” and Bezos were usually at the top.
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