Bitcoin Risks Falling to $8K Ahead of June Due to These Technical Factors

Bitcoin was trading in positive territory this Monday after closing its last week in severe losses. The top cryptocurrency surged 0.68 percent to $8,775 in an attempt to restore its short-term bullish bias. The small gains followed a more significant downside correction last week, wherein the price fell 9.9 percent – or by $964 – from its session open of $9,677. At its lowest, bitcoin was changing hands for $8,632.

Bitcoin located short-term support near $8,750, a level that, on five occasions, helped the cryptocurrency avoid a deeper downside correction. Meanwhile, the asset’s upside attempts remain capped by a strengthful resistance level at $10,000 – that also coincides with a long-term Descending trendline (black).

That left bitcoin under a strict trading range between $8,750 and $10,000, narrowed further by a short-term Ascending Trendline (maroon). Such triangle-like patterns typically end up birthing a price breakout. And given bitcoin’s prevailing interim bias, which is bearish, there is a risk of adverse breakout action this week.

Share this: