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Bitcoin (BTC) Price Analysis for June 4

Price Predictions
Fri, 06/04/2021 - 15:41
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Denys Serhiichuk
Is today's dump the reason for the further drop?
Bitcoin (BTC) Price Analysis for June 4
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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On the last working day of the week, the cryptocurrency market has faced a sharp correction and all top 10 coins are again in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has gone down by 5% since yesterday, while the price over the last seven days has increased by 0.04%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the situation is not clear as neither bulls nor bears have seized the initiative yet. The selling volume has increased today. However, until the chief crypto comes back to the area of $30,000, it is too early to consider a further decline.

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BTC, ETH, LTC and DOGE Price Analysis for June 3

In this case, the more likely scenario is sideways trading in the range of $37,000-$39,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the small time frame, Bitcoin (BTC) is trying to recover the lost positions after today's dump. On the 4H chart, the ongoing bounce back is supported by rising trading volume, which means that a retest of the $39,000 mark may occur soon. If that happens, there are high chances of seeing a touch of the psychological level of $40,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) has not declined after a false breakout of the $40,000 level, which confirms buyers' power. If bulls can close the forming weekly candle above the $39,000 mark, there is a high probability of expecting the ongoing growth to reach the next level at $43,769 next week.

Bitcoin is trading at $36,773 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.