The long-awaited bitcoin price breakout is, perhaps, here. The month of June kicks off on a high note, with prices going the third-highest this year. Bitcoin price went as high as $10,450 in the early days of June 2020, the third-highest since the start of the year compared to $10,500 and $10,545 of early February.
The price change that was experienced in the early days of June was met by a lot of resistance with traders selling off some assets, which brought the price down to $10,288 and further down to $9,200 in a matter of weeks. Looking at the significant increase in the price of Bitcoin this month, even after the considerable decrease, traders have been more bullish about the price, hoping that it will go back to $10,000 or higher.
For the past few days, this prospect has not been a reality, with prices dropping even further. This week could be the long-awaited week. Many indicators suggest that prices may improve as the new month approaches.
Recent weeks started at higher prices than the close prices even when traders were optimistic. This means that past weeks started on an unsure note of what will happen when it comes to prices. This week is different, and prices are starting at a relatively small level and hoping it will make its way back up.
Key Support and Resistance
The supports and resistance abound. If the price of Bitcoin goes up, it will take a lot of bulls to get to above $9,700. The resistance around $9,700 is so strong that it’s been touched just a few times this year. This resistance has been unbroken for the past few weeks. Prior to this resistance, another critical resistance has to be broken; the $9,300 resistance. For the past two days, this resistance has not been broken. So for a start, that crucial resistance will have to be cut.
Prices have to improve this week. If there are no improvements, prices may drop even further to as low as $8,800 or even further.