BTC/USD are trading at 27101 and continue to move within the correction and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $525,934,037,949. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken down the area between the signal lines, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset already from current levels. As part of the cryptocurrency exchange rate forecast for tomorrow, June 1, 2023, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 26635 area. From where we should again expect a rebound upwards and an attempt to continue the rise of the Bitcoin rate with a target above the 31465 area.
Bitcoin Forecast for June 1, 2023
An additional signal in favor of the rise in BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the coin and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 25065. This will indicate a breakdown of the support area and a continued fall in the Bitcoin rate with a potential target at 21305. A confirmation of the growth in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 28705, which will indicate a breakdown of the upper limit of the downward correction channel.
Bitcoin Forecast for June 1, 2023 suggests an attempt to test the support level near the area of 26635. And further, the cryptocurrency will continue to grow with a potential target at 31465. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 25065 area. This will indicate a continued decline in the coin with a potential target below the 21305 area.a
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