Bitcoin (BTC/USD) Market is Ready to Continue Its Bullish Trajectory
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Bitcoin Price Prediction – June 6
BTC/USD market is ready to continue its bullish trajectory as the price moves into a bullish order block. This recovery, nevertheless, is anticipated to come after a brief consolidation inside the order block.
The SMA (Simple Moving Average), and the RSI (Relative Strength Index) suggest a likely continued upward trajectory. This trend is expected to persist until the price encounters the resistance level at $73,836.00, which may pose a significant challenge. The market participants will likely monitor this level closely for potential reversals or breakouts, as it will be crucial in determining the next market direction.
BTCUSD Market Key Levels:
Resistance levels: $71980.00, $80000.00, $83946.00
Support levels: $56500.00, $43873.00, $38501.00
BTC/USD – Daily Chart
The BTC/USD daily chart shows that the market is set to resume its bullish trend.
The daily order flow of BTCUSD remains bullish, with the pair rebounding from a significant bullish order block near the $67,000 level. This movement is supported by the SMA (Simple Moving Average), signaling a strong bullish trend. Additionally, the RSI (Relative Strength Index) indicates that the market is approaching an oversold region, reinforcing the return of the price into the bullish order block.
When is the overall bullish trend of BTCUSD market likely to continue after the retracement?
Owing to the indication of the RSI, any retracement from here might sink the price into the bullish order block in the discount zone. The bullish order flow is likely to continue from the order block.
BTC/USD – Four-Hour Chart
On the four-hour chart, BTCUSD still has a bullish order flow. However, a bearish marubozu candlestick just formed at the premium zone. This might initiate the impending retracement into the bullish order block in the discount zone.
Bitcoin (BTC) Current Statistics
The current price: $68315.80
Market Capitalization: $1,390,000,000,000
Trading Volume: $24,730,000,000
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