Bitcoin (BTC) Price Analysis: Heading towards $28,600 (03-Jun)

2:11 pm, Fri, 3 June 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the support at $29,500 and is struggling to hold it on the lower timeframes. As mentioned in our previous analyses, the price is again trading below the $30,800 mark and could fall further in the coming hours. The $30,800 mark has acted as strong resistance in the past few weeks, and Bitcoin will need a significant push from the bulls to break above this level. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)

Claim up to $30,030 in Bonus

100x Leverage

Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price faced rejection at around $30,800 recently and is now retesting the support at $29,500.

It can be noticed that there is no buying pressure at the moment, and the price is struggling to even reach the $30,800 mark. It is likely that BTC will also fall below $29,500 in the coming hours and will retest the major support at around $28,600.

The $28,600 mark is a crucial level as it acted as major support throughout the month of May. It would be interesting to see how the price will react to this level, as it would likely not hold this time.

On the other hand, if the price does bounce back and breaks above $30,800 convincingly. The next resistance we will be eyeing is around the $32,200 mark.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading just above the support at $29,500 and is struggling to gain any momentum. Also, we are now entering the weekend, and it is likely that the price will lose the support at $29,500 in the coming hours and retest the $28,600 mark. We won’t be placing any trades in the immediate short term and will wait for the price to show a strong sign.

neutral_ta

Margin Trading for Beginners

If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

Claim up to $7000 in Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: