Bitcoin’s current trend on June 6, 2024, shows the cryptocurrency’s price attempting to maintain stability above the $70 mark, hitting a peak of $71.488. This surge comes as spot Bitcoin exchange-traded funds (ETFs) experience increased inflows, leading to a significant price recovery for the market’s largest cryptocurrency.
Renowned cryptocurrency analyst Ali Martinez has identified the crucial support level for Bitcoin at $68,500. According to Martinez, if Bitcoin can hold this support level, the price is expected to continue rising towards new highs.
Analyzing the current trend, Martinez pointed out that a metric indicates a potential drop of one to four candles before Bitcoin resumes its uptrend. “TD Sequential shows a sell signal on Bitcoin’s four-hour chart! This suggests that $BTC may experience a correction of one to four candles before continuing its upward trajectory.”
As of the latest update, Bitcoin’s price stands at US$71,176.20, marking a 1.1% increase in the last 24 hours and a 4.6% increase in the past week.
The recent surge in Bitcoin’s price, with a morning high of $71,321.98 on June 5, signals a crucial recovery for the cryptocurrency. Analyst Willy Woo predicts a potential short sale worth $1.5 billion if Bitcoin reaches the key $72,000 mark, triggering mass liquidations and pushing the price to new levels.
It is important to note that the opinions shared in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks.
In other news, experts anticipate that Bitcoin’s price could reach US$82,000 after a specific pattern is achieved, signaling a potential post-halving boom for the cryptocurrency market.