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Bitcoin Faces Rejection At $38k. Will BTC Break Above $40k This Month?

Bitcoin faced major rejection at $40k last week. After BTC failed to soar above $40,000, it slipped below $38k and closed the week below $35k. Crypto largest coin is now spending its third week below $50,000 as it dipped below this price level on May 16.

So much happened last month that resulted in BTC reporting its second-worst performing month in the coin history. The king coin lost more almost 50% over the last month. The first time crypto’s firstborn had a price drop of more than 50% is in the last month of 2013.

The fifth month of 2021 marks the worst in seven years for bitcoin. The month started with the King coin trading above $57,000 and closing a little above $37,000. The last 30 days saw the digital gold record a low of $30,066.

The stay below $40,000 has lasted more than four days. The prolonged stay below this critical level has been a focal point in most crypto-related conversation. A further price retracement below $35,000 took place during the last 48 hours: leading to more concerns.

A slight price recovery occurred over the last 24 hours that saw BTC rise as high as $37,800 during this time but the king coin could not continue to surge as it faced strong resistance at $38,000.

Will June Be A Better Month?

Using the BTC heat map, since 2013, the king coin little gains as the highest gain it recorded in June is 92% in 2013. Other positive Junes turned out with little gains. The sixth month of the year has also been trailed by very little negative sentiment as only four times did BTC record lose during this time.

A breakout above $40k is long overdue. The sixth month of this years may offer consolation to traders as BTC may flip the $40,000 resistance and possibly test $50k.

The Bitcoin CME gap also agrees with the above prediction as there is a CME gap between $44k and $49k that has not filled. BTC may also record losses this month but it will not be more than 10%. Let’s see what June 2021 holds.

 

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