Bitcoin (BTC) is at a very important technical level. If Bitcoin manages to exceed this range at appropriate intervals, it may lead to an increase in the short term.
BTC dropped to $ 8,600 on some cryptocurrency exchanges on June 3. Since then, leading cryptocurrency has steadily improved. However, the danger for Bitcoin does not seem past yet. On top of that, Wall Street shows improvements that will attract all the attention.
Investors are now facing a dilemma. While no one wants to miss the Bitcoin gains, stock markets also show excellent increases.
Technical Overview of Bitcoin (BTC)
Bitcoin is currently trading at $ 9,752.69. It seems that BTC / USD is currently entering a consolidation phase after its concerns at the beginning of the month.
The rise for Bitcoin is based on the $ 9,744.42 base level. The hourly time frame for BTC / USD shows that this level has served as an important support / resistance many times over the past week. The arrows drawn on the graph indicate when the region was extremely vital.
If BTCUSD rises above this level with a good volume, it can go higher. Moreover, this will be verified as a level of support. The RSI or Relative Strength Index does not give any clear signals. However it points around 60 and down.
Investors who remain cautious about Bitcoin (BTC)
Despite the recent consolidation after the rise, the volume traded for BTC / USD is quite low. Investors are now more cautious about the movements of Bitcoin. Investors are skeptical of the medium-term outlook of BTC / USD. The coup caused by the sudden collapse on June 3 had a lasting effect.
Act carefully, it is not an easy situation when it comes to investing in Bitcoin. But Bloomberg; He said that unless something bad happens, Bitcoin will be successful in the long run. For this reason, traders can buy BTC / USD at attractive prices and ‘hodling’. Profit booking and barter trading may not be very useful in the long run.