BTC/USD are trading at 25805 and continue to move as part of a strong fall and left the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $499,001,196,549. Moving averages indicate a short-term bearish trend for Bitcoin. Prices broke down the area between the signal lines down, 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 rate forecast for tomorrow, June 7, 2023, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the area of 26675. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the area of 21605.
Bitcoin Forecast for June 7 2023
An additional signal in favor of a decrease 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 boundary of the bullish channel, which was broken down by the sellers. Cancellation of the option to fall in the exchange rate of the coin and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 28505. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 31675. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 24405.
Bitcoin Forecast for June 7 2023 suggests an attempt to test the resistance level near the area of 26675. And further, the cryptocurrency will continue to fall with a potential target at 21605. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling digital currency will be a breakdown of the area of 28505. This will indicate a continued growth of the coin with a potential target above the area of 31675.
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