Bitcoin price hits $9440 in the bear market

On the 7th of June, the Bitcoin price fell towards the $9440 mark after turning bearish. The cryptocurrency traded above the $9640 level for the 24-hour trade before encountering the bearish fall. The BTCUSD pair traded within a day’s range of $9356.00 — $9721.44.

1-Day Bitcoin price analysis (7th June)

Bitcoin Price Chart by Trading View

The cryptocurrency traded near the $9680 level at the beginning of the 24-hour trade. As per the chart above, BTC’s price can be observed varying between the $9600 and $9720 levels throughout the trade. On the 7th of June, the cryptocurrency approached a high of $9721.10 US Dollars.

After 09:00 GMT, the cryptocurrency turned bearish and began to fall towards the $9400 level. At the time of writing, BTCUSD traded at $9465.54 US Dollars.

The Relative Strength Index (RSI) moved to lows of 18.24 and 19.47. The low values of the RSI indicator show that Bitcoin was oversold at the time. At the time of writing, the technical indicator was observed at 55.49.

Bitcoin price fall towards $9400

RocketBomb is a TradingView analyst who believed that BTC price will fall towards the $9400 level. The idea chart posted by RocketBomb depicted that the next price targets for BTC will be $9600, $9500 and $9400.

Bitcoin Price Chart by Trading View

The analyst added that if BTC price falls to the indicated price levels, then traders can move in and buy the cryptocurrency.

On the 7th of June, the BTCUSD trading pair turned bearish and fell towards the $9400 level. According to RocketBomb, the current trading range is a buy zone for traders. Hence, this idea completed its move.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.