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BTC/USD Holding Onto Minor Intraday Gains; Price Is Range-Bound

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BTC/USD Holding Onto Minor Intraday Gains; Price Is Range-Bound
  • Bitcoin rejected from $8,000 level again making recovery an uphill task for the already exhausted bulls.
  • BTC/USD is likely to stay within the range limit between 7,600 and $8,000 in the coming sessions on Friday.

Although Bitcoin broke above the descending trendline resistance, it was not able to hold on to the briefly claimed $8,000 support. The correction on Friday had Bitcoin touch high of $8,039.19. Stalling momentum and buyers’ exhaustion resulted in a shallow reversal under $8,000.

BTC/USD is likely to stay within the range limit between 7,600 and $8,000 in the coming sessions on Friday.

Meanwhile, Bitcoin is exchanging hands at $7,953 and is immediately supported by the 100 Simple Moving Average (SMA) 1-hour. The prevailing trend is bearish, which means that significant movement above $8,000 will take longer than expected. BTC/USD is likely to stay within the range limit between 7,600 and $8,000 in the coming sessions on Friday.

It is clear that Bitcoin lacks a catalyst to support the reversal that it has staged since yesterday from the support at 7,400. Moreover, the bulls must have confidence in Bitcoin’s ability to touch $9,000 again and even move closer to $10,000 before the end of June.

The RSI is changing direction south after touching the overbought at 70.00 while the MACD divergence in the positive zone suggests that BTC/USD is poised to step above $8,000 marking the beginning reclaiming the glory towards $10,000.

While Bitcoin continues with the struggle to recover, non-US investors of Circle-backed Poloniex exchange have had to deal with a reduction in their principal following a “severe price crash in the CLAM market caused a number of margin loans to default, resulting in a roughly 1800 BTC loss in the Poloniex BTC margin lending pool.” The principal for the affected users (0.4% of total Polo users) decreased by 16.202% on June 6 according to a Twitter report by the exchange.

BTC/USD 1-hour chart

Image sourced from Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

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