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Technical Analysis for BTCUSD for 6th June 2022

Bitcoin Resurgence, Will BTC Bulls Break Above $32k

Past Performance of BTC

Until earlier today when BTC prices erupted above $30k, the past two days were uneventful. This resurgence of prices above the psychological $30k is a mark of resurgence and indicates the general state of trader sentiment. At spot rates, BTC is up four percent versus the USDT on the last trading day and up three percent week-to-date. Overall, BTC prices are firm but are within a broader consolidation.

Bitcoin Technical Analysis

The path of least resistance from a top-down preview is southwards. It is considering the failure of buyers to build on recent gains and close conclusively above $32k, a resistance level. From the BTC candlestick arrangement in the daily chart, risk-off traders may accumulate at spot rates, buying every dip in anticipation of a firm close above $32k. However, a safer approach would be to wait for clean, high volume breaks above $32k before committing. A refreshing rally above May 11 highs could anchor the next leg up towards $34k—another reaction point that traders should watch out for.

What to Expect from BTC

Overall, BTC prices are firm but bearish from a top-down analysis. Nonetheless, traders are optimistic following the last seven months' lower lows. A close above $32k would trigger another wave towards $34k in a buy trend continuation pattern.

Resistance level to watch: $32k

Support level to watch: $28.7k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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