Ten days into June and bitcoin prices are still lower than they were a year ago. However, optimism remains about possible rallies of bitcoin’s price in the coming weeks. There is still uncertainty about the market and there are potential bearish or bullish moves in the coming sessions.
Current Market Conditions
Bitcoin (BTC), which had experienced a nine-week decline in its value, pushed prices to the lowest point since last year as June.
It began at the end March when U.S. Inflation rose to almost 9 percent. The war between Russia (and Ukraine) also escalated.
Investors and traders began to shift away from high risk assets to seek safety in safer havens.
Crypto markets continued to plummet since April. BTC/USD dropped from $48,257 beginning April to around $28,000 during the previous three weeks.
BTC continued to consolidate near this level after these falls, fluctuating between $28,000 to $30,500 in the last few weeks.
With only two-thirds remaining in the month traders will be interested to determine if this trend will persist or whether a rebound is possible.
June Outlook
Bitcoin hit its $29,500 floor this week. Market uncertainty continued to be a problem in recent sessions.
Bulls are likely to remain optimistic despite hitting the support level. This is due to historical rallies taking place at this time.
The chart shows that BTC traded at the current level on two occasions in June 2021 and December 2020. There were substantial price increases.
If history repeats itself, bulls will most likely attempt to raise prices beyond the $32,500 ceiling.
At that time, $35,000 will be the goal. This was second place of interest to the bulls during their runs in June 2021 and December 2020.
Overall, June looks as though it could potentially birth some surges in BTC’s price, however, a key indicator to pay attention to will be the 14-day RSI.
This is currently at 33.9. If relative strength continues to rise above the floor, we may see $32,500 sooner rather than later.
What do you think about bitcoin’s monthly outlook? Comment below to let us know your thoughts on this topic.
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