Bitcoin market overview: BTC/USD consolidation begins in the wake of June’s biggest surge


  • Bitcoin heeds to analysts’ call as it surged above $9,000 to new 2019 highs around $9,392.
  • Technical levels point towards the consolidation of gains between $9,100 and $9,300.

Bitcoin forms a new 2019 high in June following incredible movement north on Sunday. Prior, to the gains over the weekend, BTC/USD closed the trading on Friday above the support at $8,100 but the upside had been limited under $8,400.

As covered by FXStreet, Bitcoin respected the prediction by a Fundstrat analyst who told Bloomberg that Bitcoin was still in bullish phase adding that a break above $8,400 could eventually take Bitcoin above $9,000 and even extend the gains to $9,800- $10,000. While Bitcoin broke above $9,000, $10,000 is still quite far and could depend on whether Bitcoin can break above the resistance at $9,400.

Meanwhile, Bitcoin is trading at $9,173 following a retracement from the new high at $9,392. The correction from the high dipped under $9,000 but the losses were cushioned by the 50% Fibonacci retracement level taken from the last drop at $9,392 to a low of $8,178. A reversal from the support has stalled under $9,300 with Bitcoin starting to range between $9,300 and $9,100.

On the upside, $9,300 is the immediate resistance. The next hurdle lies at $9,400 and $9,500. A break above the trendline resistance this region of seller congestion is likely to pave the way for a new surge towards $9,800 - $10,000.

On the downside, initial support is seen at $9,100 with $9,000 (50 Simple Moving Average 1-h) positioned to cushion the price during losses. Other key levels to look out for include the 50% Fibo, $8,800, $8,600 and $8,000.

BTC/USD 1-h chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP