Bitcoin The market is at a critical moment, after an abrupt selloff across the board pushed prices to major levels of support. The coming days will reveal if this area is the starting point for a recovery or a gateway to deeper corrections.
Bitcoin drops to its previous monthly low as June begins
Lennaert Snyder analyzes Bitcoin’s prospects for June observed BTC’s early loss of value has been a concern for the near term. This early loss, according to him, has weakened the near-term technical picture. support This makes the possibility of a return to the previous monthly high around $82,800 much less probable.
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Analysts explained that clearout candles on a monthly basis are rare, which reduces the likelihood of Bitcoin returning to higher levels. short term. Now, the focus shifts to an important support area that may influence the market’s direction for the remainder of this month.
Snyder noted as well that there was a lot of liquidity left over from the recent sale, which could lead to a volatile environment. He expects price fluctuations and periods of consolidation as Bitcoin moves within the broader range.
The analyst will continue to monitor price movements for intraday setups and liquid-driven opportunities. He also said that a second sharp downward sweep might trigger more long-term positions. liquidationsThe new opportunities for trading are generated.
BTC faces its biggest test yet at $60,000
Kamile Uray noted Bitcoin, along with other financial markets experienced a rapid decline. The cryptocurrency returned to its closely-followed level of $60,000. This area is considered to be a significant support zone and the analyst said that a strong buyer response could lead to a correction following recent market decline.
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Uray has also noted that both on a daily basis and based on a 4-hour period, the Relative Strength Index remains oversold. These conditions suggest that the bearish trend may be waning and increasing the likelihood of a quick recovery.
The analystThe formation of long, lower-wicked candles would indicate that the demand at present levels is increasing. In the event of a rebound, the first resistance to watch sits around $67,500, followed by the more significant $74,000–$75,000 zone. Uray, however warned that Bitcoin will continue to be at risk until it can sustain a sustained price above $74,569.
At the moment, $60,000 remains the most important level of protection for the bulls. A decisive break below this support could expose Bitcoin to a deeper decline toward the $55,000–$50,000 region. If momentum improves, then key resistance levels are at $74,569, $82,885, $98,000, and the $107,000–$109,000 area, with the latter expected to act as a major barrier to further gains.
Chart by Tradingview.com. Image from Getty Images.
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Source: www.newsbtc.com
