Technical Analysis $BTC June 3, 2024

Bitcoin fell below the symmetrical triangle support line on May 31, but sellers were unable to sustain the lower levels. This shows that buyers continue to buy when prices fall.

The bulls will have to push and maintain the price above the triangle to gain the upper hand. If they do that, the BTC/USDT pair could rise to the overhead resistance at $73,777. Buyers may have difficulty overcoming this barrier. But if they do, the pair could skyrocket to $80,000.

Conversely, if the bulls fail to mount a strong recovery from the current levels, this will increase the possibility of a break below the triangle. The pair could then drop to the 50-day simple moving average ($64,956) and then $61,000.