Crypto Birb, Founder of The Birb Nest trading community, unveiled a 1D Bitcoin (BTC) price chart with two possible behaviors. He also showed the conditions of the two scenarios and their most reasonable targets.
All Eyes on 50-Day MA
According to the analyst, the price level of 50-day moving average (50-day MA) is a crucial hold the bulls. If the price of Bitcoin (BTC) breaks below this line, an additional drop to $7,518 looks inevitable.
A declining Bitcoin (BTC) price, which is on its way to $7,518, may also find a support near $9,000 and then near $8,500. Reaching this dramatic level would indicate the start of new upswing.
However, if the bulls manage to make the price of Bitcoin (BTC) break the upper border of ascending channel near $10,500, BTC could reach yearly high above $12,000 in early July.
The $11,000 level is the level of bearish resistance, which would not be conquered easily by an aggression of buyers.
Flat After 'Bart Simpson' Rally
Right now, the price of Bitcoin (BTC) is trying to break out of the Ascending Triangle that evolved between the $9,600 and $9,800 levels. Market sentiment is mostly moderately bullish.
Alternative's Crypto Fear and Greed Index sits at 54 points ('Neutral Zone'). The fake rally of June 1, 2020 failed to stop its upswing.
As previously reported by U.Today, Bitcoin (BTC) surged almost 8.6% on June 1st, 2020, but a massive sell-off on the spot exchanges half a day later completely erased these gains.
At press time, the price of Bitcoin (BTC) changed hands at $9,660 on the major spot cryptocurrency exchange platforms.