Bitcoin price outlook for June – Market conditions show uncertainty – Market updates Bitcoin news
Ten days into June, bitcoin continues to trade lower, with prices close to a twelve-month low. Despite this, there continues to be optimism about potential price increases in the coming weeks. Overall, there is still a lot of uncertainty in the market, with potential for either bullish or bearish runs in upcoming sessions.
Current market conditions
On the way into June, bitcoin (BTC) had seen its value fall for nine weeks in a row, pushing prices to the lowest level since the same time last year.
This race started towards the end of March, when inflation in the US rose to almost 9%, while the war between Russia and Ukraine also escalated.
As a result of these fundamental factors, both traders and investors began to move away from high-risk assets, choosing to find safety in safe havens instead.
Since then, the crypto markets have continued to fall, with BTC / USD going from $ 48,257 in early April, to a low of around $ 28,000 in the last three weeks.
Following these falls, BTC has continued to consolidate close to this level, moving between $ 28,000 and $ 30,500 in recent weeks.
But with two-thirds of the month left, traders are interested in seeing if this trend will continue, or if a rise in price is possible.
Outlook for June
Bitcoin once again fell to the floor at $ 29,500 this week, as market uncertainty has been high during recent sessions.
Despite hitting this foothold, bulls are likely to be optimistic because of the historic conventions taking place at this time.
As can be seen from the chart below, the last two times BTC has traded at this current level in June 2021 and December 2020, there were significant price increases.
Should the story repeat itself, we’ll probably see bulls trying to take over the $ 32,500 price tag.
From that point on, the target will probably be $ 35,000, which was the second point of interest for the bulls that pushed prices up during these races in December 2020 and June 2021.
Overall, June looks like it could potentially lead to some increases in BTC’s price, but a key indicator to be aware of will be the 14-day RSI.
At the time of writing, this is at 33.9, which is above support at 33, and should relative strength continue to remain above this floor, then we can see $ 32,500 sooner rather than later.
What do you think about bitcoin’s monthly outlook? Tell us what you think about this topic in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
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