Bitcoin Price Analysis — June 2
The fall recorded in BTC over the last 24 hours has erased most of the gains gathered this week. However, there is good reason to believe that the price drop was simply a rejection from the $32,000 resistance line and not a bearish resumption.
That said, BTC should attempt a bullish comeback in the coming hours and days to the $32,000 level, where we could record a bullish continuation. This sentiment is backed by the 4-hour stochastic indicator, which paints a bullish picture for BTC in the near term.
Regardless, the overall bias remains bearish until we see a return above $41,000 (pivot top), warranting some caution around bullish bets.
Meanwhile, my resistance levels are at $31,000, $32,000, and $33,000, and my key support levels are at $29,500, $29,000, and $28,000.
Total Market Capitalization: $1.25 trillion
Bitcoin Market Capitalization: $576.2 billion
Bitcoin Dominance: 46.1%
Market Rank: #1
That said, BTC should attempt a bullish comeback in the coming hours and days to the $32,000 level, where we could record a bullish continuation. This sentiment is backed by the 4-hour stochastic indicator, which paints a bullish picture for BTC in the near term.
Regardless, the overall bias remains bearish until we see a return above $41,000 (pivot top), warranting some caution around bullish bets.
Meanwhile, my resistance levels are at $31,000, $32,000, and $33,000, and my key support levels are at $29,500, $29,000, and $28,000.
Total Market Capitalization: $1.25 trillion
Bitcoin Market Capitalization: $576.2 billion
Bitcoin Dominance: 46.1%
Market Rank: #1
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