As June begins, Bitcoin has experienced a lackluster start, dipping into bearish territory and falling below $67,500. Nevertheless, in the last 24 hours, it has shown signs of a gradual recovery. The cryptocurrency’s lowest and highest prices today fluctuated between $67,315.53 and $68,743.08. Currently, Bitcoin is trading at $68,847.99, marking a 1.43% increase in price, accompanied by an 84% surge in trading volume.
The past month has been tumultuous for the cryptocurrency market, influenced by geopolitical tensions, the approval of Ethereum ETFs, the buzz surrounding the US elections, and the implications of SAB121. Amid this chaos, Bitcoin has managed an 8% increase over the last month, approaching a new all-time high but failing to maintain its upward momentum.
Investor optimism remains high as whale accumulation continues to rise, with trading volume seeing a 97% increase in the past 24 hours. Analysts have observed that Bitcoin’s current pattern resembles the symmetrical triangle seen in 2017, suggesting a potential breakout and the onset of a bullish rally.
Renowned Bitcoin analyst Ali provided insights on the current market 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 indicates a strong possibility for Bitcoin to rise and challenge the next significant price level at $79,600
What’s Ahead for Bitcoin in the Short Term?
The daily chart shows a tentative bullish trend for Bitcoin, with the 9-day EMA positioned at $68,205. The daily RSI stands at 57, indicating a neutral market sentiment.
Should the bullish momentum continue, Bitcoin’s price could reach $68,752, with the subsequent target set at $72,252. However, if bearish forces prevail, the price might drop to $66,310, with a lower support level at $64,654.
Investors and analysts alike are closely monitoring these trends, as Bitcoin teeters on the edge of a potential major bullish breakout.