Bitcoin (BTC) Price Analysis: Strong Rejection at $31,500 (07-Jun)

7:36 am, Tue, 7 June 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the support at $29,500 and is looking quite bearish in the immediate short term. The price has been struggling to gain momentum for over a month now as BTC has been stuck around the $30,000 zone. As mentioned in our previous analysis, the $31,500 mark is an important level, and we can see that some sellers stepped in when BTC tried to break above this level. The price has also fallen below the $30,800 mark, which is an important level we have been watching since last month. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

Bitcoin (BTC) Price Analysis 07 June 2022

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Analyzing the Charts

If we take a look at the latest charts for Bitcoin, we can see that the price is again struggling to gain momentum on the lower timeframes. It is barely holding the support at $29,500 and could fall further in the coming hours.

We can also notice that the price has been holding the $29,500 mark for several days now, and this time it might fall lower.

Bitcoin Price Analysis 07 June 2022

If BTC does break below $29,500, the next level we will be watching for it is the major support at $29,800.

BTC Price Analysis 07 June 2022

The $29,800 mark has been acting as a major support level for almost a month now. Breaking below this level in the short term could also trigger another sell-off.

We can also notice on the 4-hour timeframe that the price has formed a lower high. It is a bearish sign and a possibility that the price will retest $30,800 before falling further.

Bitcoin (BTC) Price Analysis 07 June 2022

Conclusion: What is Next for Bitcoin (BTC)

Bitcoin has been struggling to gain momentum for weeks now and is still trading within the $30K zone. Right now, the price seems to be headed towards the downside once again. It is likely that the price will retest the $30,800 region once again in the immediate short term, and we will see it as a nice opportunity to enter a short trade. However, we will be trading with caution as the market is quite unpredictable right now on the lower timeframes.

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