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The king of cryptocurrency Bitcoin BTC just took another dip, and the Bitcoin price briefly went down below the $9000 mark for the second time in the past two months. However, the strong support levels are holding the cryptocurrency above the $9000 mark despite having a bad day.
Bitcoin price moved between the $9473 and $9250 marks throughout the 14th of June; however, the price started declining as the day started on the 15th of June (GMT time). The king of cryptocurrency kept declining on the charts until it hit the $8906 mark.
At the time of writing, Bitcoin price stands at $9069 mark, whereas the charts display what appears to be a small reverse head and shoulder pattern that kept the BTC price above the $9000 mark.
Bitcoin price movement: What to expect?
Trading View analyst Meravi believes that the Bitcoin price is still aligned with the S&P 500 movement, and the short term reversal would go away soon.
Meravi explains that the $9049 mark is serving as strong support, and the king of cryptocurrency has already moved past a Golden cross in February, followed by a Death cross in March. The analyst furthers that the May 2020 Golden cross has been observed, and the Bitcoin price may go into a reversal pattern.
However, he also believes that the recovery would take the cryptocurrency price up to the $9800 mark even if not past the $10000 psychological limit that has been seen as a crucial breakthrough time and again.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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Saad B. Murtaza
Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.
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