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Bitcoin (BTC) Price Prediction for June 1

Sat, 1/06/2024 – 15:42

Cover image via U.Today

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Sellers’ pressure continues on the weekend, according to CoinMarketCap.

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BTC/USD

The price of Bitcoin (BTC) has fallen by 0.83% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of BTC is trying to return to the local resistance level of $67,750. If it manages to do that, the accumulated energy may be enough for a breakout followed by a move to the $68,000 zone.

Image by TradingView

On the daily time frame, the situation is less clear as the price is far from the support and resistance levels. As neither side is dominating, ongoing sideways trading in the zone of $67,000-$69,000 is the more likely scenario.

Image by TradingView

From the midterm point of view, the picture is quite similar. The volume keeps declining, which means any sharp moves are unlikely to happen soon. In this case, traders may witness consolidation in the wide range of $66,000-$70,000 at the beginning of June.

Bitcoin is trading at $67,694 at press time.

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