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Bitcoin Price Will Collapse If It Closes Below Its 30-Day MA Today

Tue, 06/04/2019 - 15:00
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Alex Dovbnya
? ?While things do not look very promising for the bulls, Bitcoin still has one big challenge ahead of it? ?
Bitcoin Price Will Collapse If It Closes Below Its 30-Day MA Today
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Bitcoin was quick to recover after its most recent downturns, but things could be different this time around. The BTC price could end up below its 30-day MA of $7,710, confirming bearish reversal.

Bitcoin Price May Skyrocket If China Starts Selling US Treasuries: Forbes

BTC is struggling to go higher

As reported by U.Today, the BTC price dipped below the 8,000 level on June 5 with more than $700 dollars being trimmed in a matter of hours. Shortly after that, commodity trader Peter Brandt posted a doom-laden weekly price chart with a Doji star at the top (that signals bearish correction).

Recently, Bitcoin bull Mike Novogratz voiced his safe Bitcoin price prediction, claiming that the BTC price isn’t likely to breach the $10,000 level since “trees don’t grow to the sky.”

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Will the bulls stand the test?

BTC’s UTC close price has to be above its monthly moving average for the bulls to be back in charge. The coin’s price tag has to be above the $8,100 level (its daily peak) in order to attempt another price recovery to the much-coveted $9,000 mark.

If BTC breaks below $7,700, the bears will have their field day since a string of further setbacks is very likely to ensue.

At the time of writing, BTC is trading at $8,039.53, according to CoinMarketCap data.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at