Bitcoin Price Prediction for Today, June 8: BTC Drops Below $30k
The Bitcoin price prediction indicates bearish momentum as the con fails to stay above the 9-day moving average.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $30,120
Bitcoin market cap – $575.7 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $26,000, $24,000, $22,000
At the time of writing, BTC/USD is hovering at $30,201. There have been instances when BTC touches the low of $29,829 to sustain the bearish price action. At the time of writing, the path of least resistance is around the 9-day and 21-day moving averages, and the daily chart shows that the formation of a bearish may come into focus.
Bitcoin Price Prediction: BTC Fails to Touch the Crucial Resistance
Looking at the daily chart, the bulls are struggling in keeping the Bitcoin price above the 9-day and 21-day moving averages, but the price is currently dropping below the 9-day MA. BTC/USD has been suffering since the European session as the technical indicator Relative Strength Index (14) crosses below 50-level. This could mean that the King coin is not yet ready for the upside.
On the upside, recovery may not come easy as the coin would have to cross above the upper boundary of the channel. Meanwhile, a sustainable move above this barrier may locate the resistance level of $34,000, which may allow for an extended recovery towards the potential resistance levels at $36,000, $38,000, and $40,000. However, an increase in selling pressure across the market could bring the Bitcoin price towards the supports at $26,000, $24,000, and $22,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The Bitcoin price is trading below the 9-day and 21-day moving averages on the 4-hour chart. However, if the price breaks above the moving averages, it could move towards the upper boundary of the channel. Meanwhile, as the technical indicator Relative Strength Index (14) prepares to move above 50-level, the king coin may hit the resistance level of $32,000 and above.
On the other hand, if the bearish movement increases, the support level of $45,000 may not be able to hold the selling pressure, and BTC/USD is likely to fall to the support level of $44,500 and below if the price crosses below the lower boundary of the channel.
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