With most assets in the cryptocurrency market starting the week on a bearish note, Bitcoin (BTC) is no exception, falling below the critical psychological $27,000 mark. However, optimism remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).
Indeed, Bitcoin has posted another weekly close above the 200MA and crypto analyst CryptoJelleNL sees this as a bullish sign despite the current setback, suggesting that it “feels like it’s a matter of time before Bitcoin finally breaking the $30,000 mark for everyone,” read a June 5 tweet.
Bitcoin price action analysis. Source: CryptoJelleNL
However, Mike McGlone, senior commodities strategist at Bloomberg, has previously explained that the flagship decentralized finance (DeFi) asset, which among other cryptos may be facing its first recession in the United States, is facing a bear market in stock markets and a central bank scrutiny is, further problems could lie ahead.
Bitcoin price analysis
At press time, Bitcoin was changing hands at a price of $26,683, down 1.96% over the past 24 hours and 4.40% over the past seven days, for a loss of 8.89% on the monthly chart according to the latest data Finbold states June 5th.
Bitcoin 24 hour price chart. Source: Finbold
With its recent price drop, bitcoin failed to invalidate the bearish head and shoulders pattern as it fell below the $26,920-$27,500 area, where it needed to remain for a successful retest, according to observations by crypto analyst Rekt Capital Finbold on June 2nd.
Earlier, crypto expert altcoin Sherpa had suggested that Bitcoin could fall as low as $23,000, citing several technical analysis (TA) indicators including the 200-week EMA (Exponential Moving Average), the 200-day EMA and support and resistance levels. as well as the 0.382 ratio Fibonacci level.
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