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

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.

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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.

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

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.

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.

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

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