Technical Analysis

BTC/USD Analysis – June 02, 2021

By LonghornFX Technical Analysis
Jun 2, 20213 min

Symmetrical Triangle Pattern

The BTC/USD was closed at$36672.6 after placing a high of $37624.8 and a low of $35928.0. Bitcoin came under pressure on Tuesday and dropped again to post a minor loss for the day amid a combination of factors, including strength in the greenback. The governor of the central bank of Sweden, Stefan Ingves, argued that bitcoin had become an asset to escape regulatory frameworks. At the same time, the finance minister of Sweden confirmed that the country was already looking into implementing tighter rules around cryptocurrency exchanges. These comments added pressure on BTC/USD and dragged its prices. The recent market crash was triggered after the CEO of Tesla, Elon Musk, suspended bitcoin payments amid environmental concerns, and China's restrictions added fuel to the fire.

According to Musk, the main reason behind halting Tesla's partnership with the world's largest cryptocurrency was the devastating effect of bitcoin mining on the environment. However, several crypto enthusiasts came forward to dismiss Musk's claims and bashed him. Among those, the CEO of Binance, Changpeng Zhao, criticized Musk and stated that it is environmentally friendly when Tesla uses electricity to run cars. When others use electricity to run the most efficient financial network globally, it becomes an environmental concern.

Meanwhile, news released by the automaker has revealed that the Daymak Spiritus will be the first automobile capable of mining bitcoin. The patent-pending technology would be the first of its kind to mark a major milestone in the innovation surrounding the bitcoin mining industry. According to the report, every Spiritus vehicle will be a node on the blockchain and include Daymak Nebula Miner and Nebula Wallet.

Furthermore, the average transaction costs on the two largest blockchains, Bitcoin and Ethereum, have dropped to their lowest levels since January. This came in after the latest massive price crash and recovery attempts in the market.

On the other hand, the highly successful author of Rich Dad Poor Dad series of personal finance books, Robert Kiyosaki, said that the price of bitcoin crashing was great news as he might buy some more. Later on, he implied that the cryptocurrency was overvalued. He said that when the price hits $27,000, he might start buying again. However, a lot will depend on the global macro-environment.

BTC/USD Intraday Technical Levels

Support Resistance

35858.8 37555.6

35045.0 38438.6

34161.9 39252.4

Pivot Point: 36741.8

BTC/USD - Technical Outlook

The BTC/USD is trading at 37,292 level, consolidating a narrow trading range of 40,100 – 33,500. The RSI and MACD indicators are tossing above and below their crossover levels, suggesting indecision among investors. Bitcoin's next resistance stays at 37,827, and break out of this level exposes the pair towards the 40,100 and 42,222 levels. At the same time, the support remains at the 33,521 level. The leading indicators have started shifting from the selling zone to buying zone on the hourly timeframe, such as RSI is crossing above 50 and BTC price is crossing over 20 EMA. The BTC/USD pair may find support at 36,835. Below these levels, the BTC's next support holds around 33,521. Conversely, the violation of 37,850 resistance exposes Bitcoin towards resistance areas of 40,100 and 42,221. All the best!


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