Cryptocurrency Analysis

[IFX_Selena]

Bitcoin Analysis on 2nd June, 2021



Today's Bitcoin price outlook is bullish as the market continues printing higher lows as bulls prepare to finally push the market back above the $40,000 mark. Once the $40,000 mark breaks, we can expect BTC/USD to move higher move towards the previous all-time high.

The BTC/USD price moved in a range of $35,787 – $37,479, indicating moderate volatility. A trading volume has decreased by 9 percent in the latest 24 hours and now totals $32,877 billion. The total market cap stands at $699 billion, resulting in market dominance of 41.85 percent.

On the 4-hour chart, we can see Bitcoin testing the $36,000 support overnight and currently preparing to move higher to the $40,000 mark. The overall market momentum has started to shift back to bullish after several weeks of retracement from the previous swing high of around $60,000. Since the Bitcoin price action is no longer able to make lower and higher lows, we should see BTC/USD could finally set a higher high above the $41,000 resistance over the next few days.

From there, BTC/USD is likely to move towards the next major resistance at $47,000 and retrace to confirm the trend reversal. After a higher low is set, Bitcoin will be ready for a much stronger move to the upside over the next weeks.

However, until the market continues to trade in an increasingly tighter range, we recommend staying on the sidelines and wait for further Bitcoin price action development.






Jan Novotny
Analytical expert
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