$Bitcoin Surpassed Expectations in May, What Will June Bring?

Bitcoin broke its three-May losing streak this year, closing the month with over 10% gains. In this article, we examine the price movements in May, what developments can be expected in June, and what the technical indicators are saying.

May Summary:

Anxious anticipation prevailed at the beginning of the month.The 7-month upward trend that started in April ended.It fell to $56,500 in the first few days.It experienced a gradual increase in the following weeks.The price performance in the last 3 months indicates a consolidation phase.The $61,000 zone was confirmed as support.Selling pressure increased at $70,000.

Last 3 Weeks Movement and Technical Indicators:

There are signals that the resistance zone will be tested again.Some positive signals have emerged on the weekly chart.The Stochastics RSI is showing upward potential from the oversold zone.The price continues its upward channel.Moving averages are maintained upwards.The weekly EMA is above the 21-day EMA.The Stochastics RSI is also strengthening the bullish signal on the daily chart.The short-term EMA arrangement is ideal.

Weekly and Daily Outlook:

Positive momentum is being maintained.$67,000 is acting as support.A $70,000 test could strengthen the bullish signal on the technical indicators.The first resistance in a possible rally is $71,500-73,000.The $77,000-83,000 zone could be the next target.

Risk Factors:

Deterioration of non-sector dynamics could hinder the rally.Negative macroeconomic indicators could reduce risk appetite.US inflation data could affect the Fed's monetary policy.

Technical Support and Resistance Levels:

Support: $67,000, $65,500Resistance: $71,500-73,000, $77,000-83,000

Overall Assessment:

Bitcoin broke its May trend and entered an upward trend in May. In order for this trend to continue in June, it is critical to stay above the short-term trend. While technical indicators are giving bullish signals, risk factors should not be ignored.