- Bitcoin price prediction highlights BTC's consolidation extension while it remains pivotal at the $38,000 price range.
- Bitcoin has formed a bearish pennant suggesting the crypto might drop towards the $28,000 price region soon.
- Despite its misfortunes, preparations for Bitcoin's 2021 Convection are still underway, with over 21,000 participants confirmed.
The crypto market has started the day on the green today, June 3, with Bitcoin prices currently hovering around the $38,800 price region. At present, Bitcoin dominance in the market stands at about $42 percent, a decline of about 0.5 percent over the day.
Since the start of June, Bitcoin's price movement has registered a bullish start, with the crypto coin surging by about 9 percent since June 1. If Bitcoin continues with such a similar bullish trend, the number one crypto coin could rally past the $46,500 price region or record a 20 percent upsurge from its current $38,800 price tag.
However, for Bitcoin to realize this milestone, it has to break above two crucial resistance levels. The first resistance level investors need to consider is the first supply barrier at around $41,900, which also happens to be the axis of the right shoulder and the supply zone. The supply zone extends from $43,000 to about $46,630.
While it is unlikely for Bitcoin to close the day above the 12-hour candlestick around the $46,630 price region, the king crypto could register a significant price rally. On the other hand, if the number one cryptocurrency fails to close the day above the $34,049 region decisively, all the bullish prospects will go down the drain.
On looking at Bitcoin's 4-hour chart, it is evident that the Moving Average Convergence Divergence (MACD) indicator shows Bitcoin is currently in favor of the bulls. This comes from Bitcoin's gradual price movement that saw it move from May's 34,389 low to levels above the 0.00 mean line. Therefore, it is worth noting that the MACD technical indicator currently paints a bullish picture favoring the bulls. If Bitcoin maintains the current trend, the number one crypto asset could gradually resume its price rally as the bulls retest the $40,000 price region.
The material has been provided by InstaForex Company - www.instaforex.com