The king of the cryptocurrencies shot up across the $10300 mark just before closing on the 1st of June. Bitcoin price turned bullish and moved above the $9800 support. The cryptocurrency continued to hold the $10100 level on the 2nd of June, while it traded within a day’s range of $10035.76 — $10241.26.
1-Day Bitcoin price analysis (2nd June)
Bitcoin Price Chart by Trading View
The cryptocurrency rested above $9500 through most of the 1st of June. Right before closing the day’s trade, BTC price jumped across the $10300 mark, where it saw the day’s high of $10363.48 US Dollars. The cryptocurrency broke past the $9800 support, while it accumulates near the $10100 level.
At the time the BTCUSD pair rose across the $10000 mark, the Relative Strength Index (RSI) diverged to a high of 95.92. This shows that Bitcoin was highly overbought at the time. Gradually, the RSI lowered towards 50.00. At the time of writing, the RSI was observed at 39.97 and Bitcoin traded at $10151.01Â US Dollars.
Bitcoin: move towards $10500 next?
BillCharison is a TradingView analyst who believes that the BTCUSD pair is currently in the consolidation phase after it broke past the important $10070 resistance.Â
Bitcoin Price Chart by Trading View
As per the idea, the cryptocurrency should prioritize an upward move towards the $10500 price target, while the global targets lie at $11000 and $14000. However, this will be the case if BTC holds above the $10070 mark.
Bitcoin: what’s next?
RocketBomb is another TradingView analyst who suggested that BTC price appears to strive for the $10500 resistance.
Bitcoin Price Chart by Trading View
RocketBomb’s idea suggested that the traders should now wait for correction while BTC trades at its current level. However, BTC price continues to strive for the $10500 level of resistance.
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.
