Bitcoin market update: BTC/USD recovery above $8,000 becomes elusive
- May becomes Bitcoin best perfuming month as June settles the dust after the surge.
- Bitcoin will stay between $7,000 and $9,000 for some time before attempting to recover to highs above $10,000.
Bitcoin potential to hit $10,000 before the end of June is becoming uncertain with each passing day. While May was the best performing month for Bitcoin, June seems to be a month of settling the dust. Besides, various key analysts predicted that Bitcoin will stay between $7,000 and $9,000 for some time before attempting to recover to highs above $10,000.
At press time, Bitcoin is trading at $7,660 after recovering from weekend lows of about $7,522. It is essential to realize that Bitcoin is trading above the $7,000 key support (buyer congestion zone) in spite of the failure to assault $8,000 (BTC decision point). The intraday charts show Bitcoin trading 0.32% up today while the market is mixed red and green.
The initial resistance is $7,700 (resistance congestion zone). The next resistance is the 50 Simple Moving Average 4-hour at $8,000. Trading above $8,000 will bring set Bitcoin on a new path to $9,000. However, Bitcoin is expected to range between $9,000 and $7,000 in the coming sessions according to the trend of the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
