Bitcoin market update: BTC/USD recovery above $8,000 becomes elusive
|- May becomes Bitcoin best perfuming month as June settles the dust after the surge.
- Bitcoin will stay between $7,000 and $9,000 for some time before attempting to recover to highs above $10,000.
Bitcoin potential to hit $10,000 before the end of June is becoming uncertain with each passing day. While May was the best performing month for Bitcoin, June seems to be a month of settling the dust. Besides, various key analysts predicted that Bitcoin will stay between $7,000 and $9,000 for some time before attempting to recover to highs above $10,000.
At press time, Bitcoin is trading at $7,660 after recovering from weekend lows of about $7,522. It is essential to realize that Bitcoin is trading above the $7,000 key support (buyer congestion zone) in spite of the failure to assault $8,000 (BTC decision point). The intraday charts show Bitcoin trading 0.32% up today while the market is mixed red and green.
The initial resistance is $7,700 (resistance congestion zone). The next resistance is the 50 Simple Moving Average 4-hour at $8,000. Trading above $8,000 will bring set Bitcoin on a new path to $9,000. However, Bitcoin is expected to range between $9,000 and $7,000 in the coming sessions according to the trend of the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.