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

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Tue, 06/04/2019 - 15:00
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Alex Dovbnya
๐Ÿ‘€ ๐Ÿ‚While things do not look very promising for the bulls, Bitcoin still has one big challenge ahead of it๐Ÿ† ๐Ÿ‘‰
Bitcoin Price Will Collapse If It Closes Below Its 30-Day MA Today
Cover image via U.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.

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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 isnโ€™t likely to breach the $10,000 level since โ€œtrees donโ€™t grow to the sky.โ€

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Will the bulls stand the test?

BTCโ€™s UTC close price has to be above its monthly moving average for the bulls to be back in charge. The coinโ€™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 โ€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Heโ€™s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.