Bitcoin shows a slow recovery with a 1.43% increase, trading at $68,688.70.
Analysts predict a bullish rally if Bitcoin holds above its current price.
Bitcoin began June on a dull note, entering the bearish zone and dropping below $67.5K. However, over the past 24 hours, it has shown signs of a slow recovery. The lowest and highest prices today ranged between $67,315.53 and $68,743.08. Currently, Bitcoin is trading at $68,688.70, reflecting a 1.43% price increase with trading volume up by 84%.
The past month has been a wild ride for the crypto market, with geopolitical war tensions, ETH ETFs getting the green light, the US election buzz, and SAB121 stirring the pot. Despite the chaos, Bitcoin has pumped 8% over the last month, flirting with a new all-time high but couldn’t keep the momentum going.
Bitcoin investors keep their hopes up as whale accumulation continues to rise, with trading volume up 97% in the past 24 hours. Meanwhile, Analysts suggest that Bitcoin’s current pattern mirrors the symmetrical triangle seen in 2017, indicating a potential breakout and the start of a bullish rally.
Renowned Bitcoin analyst Ali commented on the situation, stating on X (formerly Twitter), “Bitcoin currently hovers around the +0.5σ pricing band at $66,800. If BTC can hold above it, BTC will likely rise to test the 1.0σ pricing band at $79,600.” This suggests that Bitcoin has a strong potential to rise and test the next significant price level at $79,600.
What’s Ahead for Bitcoin in the Short Term?
The daily chart reveals a slippery bullish trend for BTC, with the 9-day EMA at $68,205. The daily RSI stands at 57, indicating a neutral situation.
BTC Price Chart, Source: TradingView
If BTC bulls continue their momentum, the price might reach $68,752, with the next target at $72,252. However, if the bears regain control, the price could drop to $66,310, with a lower support level at $64,654.
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