Ten days into June, bitcoin continues to trade lower, with prices hovering near a twelve-month low. Despite this, there remains optimism about possible price increases in the next few weeks. Overall, there is still a lot of uncertainty in the market with the potential for a bullish or bearish move in the upcoming sessions.
Current market conditions
On the eve of June, bitcoin (BTC) saw its value drop for nine consecutive weeks, bringing prices to their lowest level since the same point last year.
This jump began towards the end of March, when inflation in the United States rose to almost 9%, and the war between Russia and Ukraine also escalated.
As a result of these fundamental factors, traders and investors have begun to turn away from high-risk assets, preferring instead to seek safety in safe havens.
Since then, the crypto markets have continued to decline. BTC/USD rose from $48,257 in early April to a low of $28,000 in the last three weeks.
After these drops BTC continues to consolidate near this level, hovering between $28,000 and $30,500 over the past few weeks.
However, with two-thirds of the month left, traders are interested to see if this trend continues or if the price can bounce back.
Outlook for June
Bitcoin fell again to its low of $29,500 this week as market uncertainty persisted over the past few sessions.
Despite reaching this support point, the bulls are likely to be optimistic due to the historical rallies that occur at this point.
As you can see from the diagram below, in the last two cases, when BTC traded at this current level in June 2021 and saw significant price spikes in December 2020.
If history repeats itself, we will likely see the bulls attempt to push prices past the $32,500 ceiling.
From now on, the target is likely to be $35,000, which was the second point of interest for the bulls that pushed prices higher during these runs in December 2020 and June 2021.
All in all, June looks like it could potentially spark some ups and downs. BTCprice, however, the key indicator to watch out for is the 14-day RSI.
At the time of writing, it is currently at 33.9, which is above support at 33, and if relative strength continues to stay above that level, we could see $32,500 sooner rather than later.
What do you think of monthly bitcoin forecasts? Let us know what you think about it in the comments section below.
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Credit : news.bitcoin.com