6.10 Morning Bitcoin Market Analysis

Last night, I reminded everyone that Bitcoin needs stronger momentum to support above 64,000. If the support at 62,000 breaks, there’s a high probability of a volume-driven move down to around 61,000. Our target near 63,000 also yielded a good profit. The altcoin did not fall too much, but it is approaching the 1,600 level. Early this morning, I also accurately predicted that the weak rebound would not break through the pressure zone. The US-Iran conflict is still ongoing, making it difficult for the rebound to continue. Letting go of short-term gains and losses is necessary to focus on the long-term.

Currently, on the daily chart, the candlesticks remain in a downtrend channel. On the 4-hour chart, Bollinger Bands are narrowing, and the market is entering a weak oscillation pattern. The momentum for a rebound is continuously weakening, and the fast and slow lines in MACD are showing signs of a death cross below the zero line, indicating that the rebound strength is weak. Although there are buy orders below, in a bearish atmosphere, it’s hard to sustain for long. So in the short term, focus on the 62,500 resistance level. If it faces resistance there, it could give a second chance for a deeper dip. Look for short-term opportunities around the white candlesticks, and watch the 1,670 resistance level above for $BTC the altcoin.