Ten days into June, bitcoin continues to fall, with prices hovering near 12-month lows. Despite this, optimism remains regarding the potential for price increases in the coming weeks. Overall, there is still much uncertainty in the market and the potential for either a bullish or bearish run in the coming sessions.
Current Market Conditions
Since the beginning of June, Bitcoin (BTC) has fallen for nine consecutive weeks to its lowest price since the same time last year.
The move began around the end of March, when U.S. inflation rose to nearly 9% and the war between Russia and Ukraine escalated.
As a result of these fundamental factors, traders and investors moved away from high risk assets and instead sought safety in safe havens.
Since then, the crypto market has continued to fall, with
BTC/USD falling from $48,257 at the beginning of April to a low of about $28,000 in the past three weeks.
Following these declines,BTCcontinued to consolidate near these levels, moving between $28,000 and $30,500 over the past few weeks.
But with two-thirds of the month left, traders are interested to see if this trend continues or if a price rebound is possible.
June Outlook
Bitcoin fell again this week to a bottom of $29,500 as market uncertainty continued over the past few sessions.
Despite hitting this support point, bulls will likely be optimistic for a historic rally to take place at this point.
As you can see from the chart below, in the last twoBTCtraded at this current level in June 2021 and December 2020, with significant spikes in price.
If history repeats itself, we will see bullish forces trying to exceed the $32,500 ceiling.
From that point on, the target is likely to be $35,000, which was the second point for bulls that pushed prices up during the December 2020 and June 2021 runs.
Overall, it looks like June could birth some spike inthe price of BTCcould rise, and the price of BTC could rise to $35,000, which would be the second point of the bulls’ run. However, the key indicator is the 14-day RSI.
It is currently at 33.9, above support at 33, and if relative strength continues above this floor, we may see $32,500 sooner rather than later.
Image credits: Shutterstock, Pixabay, Wiki Commons
