The king of cryptocurrency enjoyed a rather good day since the Bitcoin price is now standing above the $9650 level after starting the day below the $9600 mark. The BTCUSD pair was observed trading within a day’s range of $9534.88 — $9752.10.
1-Day Bitcoin price analysis (6th June)
Bitcoin Price Chart by Trading View
On the 24 hour chart, Bitcoin was observed making its way towards the $9600 level. The cryptocurrency stood above the $9564 level at the beginning of the day, after which it gradually moved down on the charts.
The cryptocurrency traded near the $9600 level until 09:00 GMT on the 6th of June, after which it rose towards the $9680 level. BTC before reaching the day’s high at $9744.39 US Dollars. At the time of writing, Bitcoin traded at $9653.14 US Dollars.
Bitcoin price: what’s next?
Cryptorphic, a TradingView analyst discussed two different scenarios for the Bitcoin price movement. In the first scenario, the cryptocurrency was expected to move towards the $9700 to $9800 area before retracing towards $9400.
The analyst explained that BTC hit the resistance repeatedly while it continued to observe an indecisive movement. The 200-Day Moving Average (MA) continues to hold the cryptocurrency above while the $9300 level is broken for BTC.
Bitcoin Price Chart by Trading View
Cryptorphic added that the traders should wait for the weekly close and that if the cryptocurrency closes above the $10000 mark while approaching a new high above the $10500 level, then the cryptocurrency will see a long bullish movement.
Instead of moving towards the demand zone that is highlighted in the chart above, the cryptocurrency moved above the $9600 mark without showing any retracement.
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.
