Daily Price Outlook

• Bitcoin finds support around $26,200, with doji and hammer candle formations indicating weakening bearish bias and seller exhaustion.
• Divergence between RSI and MACD, with oversold RSI and buy zone MACD, adds complexity to Bitcoin’s price movement.
• $26,500 acts as resistance with the 50-day exponential moving average, urging caution and a wait for breakout confirmation.

During the Asian session, Bitcoin found support around the $26,200 level, indicated by the formation of doji and hammer candles. This suggests a potential weakening of the bearish bias and exhaustion among sellers.

The $26,200 level is being reinforced as strong support for Bitcoin. However, there is a divergence between the RSI and MACD indicators, with RSI in the oversold zone and MACD showing a buy zone.

The 50-day exponential moving average is acting as resistance near $26,500, adding pressure to Bitcoin. It is advisable to wait for a breakout from the current range.

A break below $26,200 could lead to further downward movement towards $25,400, while a confirmed breakout could provide selling opportunities, potentially targeting $24,750.

On the other hand, if Bitcoin holds above $26,200, it could aim for resistance levels at $26,000 and $27,400. Breaking through the $26,500 resistance is crucial.

The current candlestick patterns, including the hammer candle, suggest investor uncertainty regarding the cryptocurrency’s trend. Monitoring for fundamental events that could impact the price is essential.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Above 26162

Stop Loss – 25295

Take Profit – 27350

Risk to Reward – 1: 1.27

Profit & Loss Per Standard Lot = +$1188/ -$867

Profit & Loss Per Micro Lot = +$118/ -$86

Daily Price Outlook

• Bitcoin is rebounding from the $25,400 level and currently trading around $26,900.
• Resistance is observed around the $27,350 level, indicating increased selling pressure and potential dominance by sellers in the market.
• Breaking through the $27,350 level is crucial for Bitcoin to maintain upward momentum.

Bitcoin is currently rebounding from $25,400 and trading around $26,900. It faces resistance at $27,350, indicating increasing selling pressure.

Technical indicators show divergence, with bullish territory suggesting buying pressure. Breaking through $27,350 is crucial for upward momentum.

Immediate support is around $26,600, with potential decline to $26,175 and $25,400. Breaking $27,350 could target $28,000 and $28,400. Monitoring $27,350 is important for traders.

BTC/USD Price Chart - Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Stop 27450

Stop Loss – 26656

Take Profit – 28293

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$843/ -$794

Profit & Loss Per Micro Lot = +$84/ -$79

Daily Price Outlook

Bitcoin’s current market valuation stands at $521.98 billion USD, with a price of $26,913.07 per bitcoin (USD) and a trading volume of $23.74 billion over the past day.

Despite the SEC’s filing to freeze Binance’s US assets, the bitcoin price managed to recover to $27,000. The market initially experienced a decline, but bitcoin quickly regained its position, driving the cryptocurrency market higher.

However, the SEC’s actions against Binance indicate ongoing efforts to curtail its operations. The recent stumble in the bitcoin price was followed by a recovery, with the current price at $27,365, offering some relief to investors after it had dropped to around $25,000 the previous day. This rebound was crucial to dispel concerns about further price drops caused by panic selling.

Although investors remained resilient, the overall market sentiment, as indicated by the Crypto Fear and Greed Index, currently signals fear for the first time in almost three months. This change in sentiment reflects the caution prevailing in the cryptocurrency market.

Another indicator, the net unrealized profit or loss, also suggests that the likelihood of recovery outweighs the risk of loss. However, the cryptocurrency remains susceptible to potential crashes depending on the actions taken by the Securities and Exchange Commission (SEC).

The SEC’s crackdown on Binance has led to a restraining order to freeze its assets, affecting the holding and operating companies of Binance.US.

Despite these developments, Binance assured its customers that their assets are secure, and the Binance.US platform continues to function normally for deposits and withdrawals.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin is experiencing a recovery from the $25,400 level and is currently trading around $26,900. However, it is encountering resistance at $27,350, which suggests a rise in selling pressure and poses a challenge for further upward movement.

Looking at technical indicators, there is a divergence, with some indicators indicating bullish territory, implying the presence of buying pressure. To sustain its upward momentum, Bitcoin needs to surpass the critical level of $27,350.

On the downside, immediate support can be found around $26,600, and a break below this level could potentially lead to a decline towards $26,175, followed by $25,400. Conversely, if Bitcoin manages to break through the resistance at $27,350, the next targets could be $28,000 and $28,400. Therefore, closely monitoring the price action around the $27,350 level is important for traders.

Daily Price Outlook

• Bitcoin finds significant support at $26,750, reinforced by a triple bottom pattern
• RSI and MACD indicators signal bullish conditions
• Potential for a bullish breakout above $26,750, targeting resistance levels at $26,950 and $27,650

Bitcoin is currently finding significant support around the $26,750 level, which is reinforced by a triple bottom pattern, indicating a potential bullish reversal. The hourly timeframe also shows a trend line providing support at this level, adding to the likelihood of an upward move.

The RSI and MACD indicators are both signaling bullish conditions, further supporting the case for a potential reversal. Additionally, the resistance level around $27,350 is pushing Bitcoin’s price higher.

Despite the current bearish trend, there is potential for a bullish breakout above the $26,750 level. If this breakout occurs, the next resistance levels to watch for are around $26,950 and $27,650.

A breakout above the $27,350 level could propel Bitcoin towards $27,650 and potentially higher, reaching levels around $27,900 or $28,000.

Key levels to monitor for today include the $27,000 support level, as a break below could indicate a continuation of the bearish trend. Conversely, if Bitcoin breaks above the $26,750 level, the next trend could be bearish once again.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Sell Limit 27004

Stop Loss – 27471

Take Profit – 26489

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$515/ -$467

Profit & Loss Per Micro Lot = +$51/ -$46

Daily Price Outlook

The price of Bitcoin (BTC) has shown remarkable resilience in 2023, surging by approximately 70% despite turbulent macroeconomic conditions and regulatory uncertainties. Now, BTC appears poised to conquer the highly anticipated $30,000 milestone as the cryptocurrency market continues its upward trajectory, leaving the bear market in its wake.

Bullish Trend Emerges: Bitcoin Eyes 10% Surge

BTC is currently trading with a bullish sentiment, setting the stage for a potential push towards the $30,000 target. Recent market dynamics have fueled increased buyer momentum, propelling BTC upwards by around 5% between June 1 and June 3.

Strong Buying Pressure and Key Resistance Zones

The 100-day exponential moving average (EMA) at $26,524 has intensified purchasing pressure for BTC, providing crucial support as the price strives to reach the supply zone between $28,808 and $29,790.

This zone is where major sellers are concentrated, making it a key hurdle to overcome. If buyers maintain their momentum and overpower selling pressure, BTC could make a significant breakthrough and achieve a 10% ascent.

Positive Indicators and Growing Support

Encouraging signs are evident as the Relative Strength Index (RSI) and Awesome Oscillators (AO) both approach the midline, indicating increasing bullish momentum. Further reinforcing the positive outlook, the convergence of the horizontal line and the 200-day EMA at $25,188 reaffirms strong support below the 100-day EMA.

Liquidity Gathering and Potential for Bullish Dominance

A decisive move above $30,000 would attract liquidity from a significant group of market participants, tilting the odds in favor of the bulls. However, the 50-day EMA around $27,288 presents an immediate upside challenge.

Since May 10, consistent selling pressure from this level has been observed, primarily driven by investors’ stop-loss orders and the movement within the supply zone. Overcoming these obstacles will be crucial for BTC to reach its target.

In conclusion, Bitcoin is displaying remarkable resilience and bullish momentum, with the potential to surpass $30,000. As the cryptocurrency market navigates macroeconomic uncertainties and regulatory challenges, all eyes are on BTC as it strives to break through key resistance levels and achieve new heights.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin is currently experiencing strong support around the $26,750 level, reinforced by a triple bottom pattern that suggests a possible shift towards bullish sentiment. The hourly timeframe reveals the presence of a trend line offering additional support at this level, further increasing the likelihood of an upward movement.

Both the RSI and MACD indicators are displaying signals of bullish conditions, providing further validation for a potential reversal. Moreover, the resistance level near $27,350 is exerting upward pressure on Bitcoin’s price.

Although the prevailing trend may be bearish, there is potential for a bullish breakout above the $26,750 level. Should this breakout occur, the next resistance levels to monitor are approximately $26,950 and $27,650.

A successful breakthrough above the $27,350 level has the potential to drive Bitcoin towards $27,650, and even higher, with targets around $27,900 or $28,000.

It is important to keep a close eye on the $27,000 support level, as a breach below this level could indicate a continuation of the bearish trend. Conversely, if Bitcoin surpasses the $26,750 level, the bearish trend could potentially resume.

In summary, Bitcoin is currently finding robust support and displaying signs of potential bullish movement. Traders should monitor key levels and indicators to gauge the future direction of the cryptocurrency.

Daily Price Outlook

Bitcoin is currently trading at $27,005.52 per bitcoin (BTC/USD), with a market cap of $523.65 billion. The 24-hour trading volume stands at $14.07 billion.

Bitcoin has had a remarkable year, experiencing both ups and downs. One notable achievement has been its decoupling from traditional stock markets. However, recent events suggest a shift in this trend.

While the stock market faced significant bearishness towards the end of 2022, the price of bitcoin and the overall cryptocurrency market did not witness a corresponding decline. This initial indication of decoupling began in mid-April, with a negative correlation of 0.44 between the two markets.

Despite concerns about the debt ceiling, NASDAQ (NDX) has been on the rise, posting a 12% increase by June 1. The surge can be largely attributed to Nvidia’s success, as the chipmaker’s market capitalization has surpassed $1 trillion.

However, despite the positive performance of the stock market, bitcoin’s price has not seen significant gains. Market bearishness and investor actions have eroded the gains achieved during the March surge, which propelled Bitcoin from $20,000 to $30,900 by mid-April.

Since then, the price of Bitcoin has dropped below $27,000, leading to losses for many investors. Currently trading around $26,730, bitcoin faces increasing uncertainty. The lack of a positive correlation between the two markets further emphasizes the current state of both.

Despite the lack of momentum, bitcoin’s price is still being driven by bullish sentiment to break the $30,000 barrier. However, market activity suggests that a bull cycle may have ended, potentially leading to some sellers entering the market.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

During the Asian session on Friday, the prominent cryptocurrency Bitcoin displayed a bullish surge after bouncing back from the 26,620 level. This development aligns with our previous price prediction, as we had anticipated this price movement in our recent Bitcoin forecast.

Analyzing the 2-hour timeframe, we observe the formation of hammer candlesticks near the 26,620 level. This pattern signifies a weakening bearish sentiment and suggests a potential opportunity for buyers to enter the market and acquire Bitcoin.

Looking ahead, Bitcoin is expected to face resistance around the 27,275 level, which coincides with the 61.8% Fibonacci retracement level that previously acted as a support level. It is anticipated that this resistance level will pose a barrier, hindering further upward movement for Bitcoin.

Additionally, crucial technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have crossed into the buying zone. This indicates a high likelihood of sustained upward momentum, particularly when examining lower timeframes.

It is essential to consider the presence of a downward trend line on the daily timeframe, which could potentially restrict Bitcoin’s ascent around the 27,275 level.

A decisive breakthrough of this trend line has the potential to trigger a further increase toward the 27,499 level, and it may even pave the way for Bitcoin to reach a significant target of $28,000.

Daily Price Outlook

• Bitcoin exhibited bullish momentum after rebounding from the 26,620 level.
• The formation of hammer candlesticks near 26,620 suggests a weakening bearish sentiment.
• Resistance is expected around the 27,275 level, with technical indicators indicating continued upward momentum.

On Friday, during the Asian session, the leading cryptocurrency Bitcoin exhibited bullish momentum after rebounding from the 26,620 level. This aligns with our previous price prediction, as we anticipated this price action in our recent Bitcoin forecast.

The 2-hour timeframe shows the formation of hammer candlesticks near the 26,620 level, indicating a weakening bearish sentiment and a possible buying opportunity for Bitcoin.

On the upside, Bitcoin is expected to encounter resistance near the 27,275 level, which coincides with the 61.8% Fibonacci retracement level that previously acted as support. This level is likely to serve as a barrier for further upward movement.

Additionally, key technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have crossed into the buying zone, indicating a high probability of continued upward momentum, especially on the lower timeframe.

It’s important to note that there is a downward trend line on the daily timeframe that could potentially limit Bitcoin’s rise around the 27,275 level. A decisive break above this trend line could lead to a further increase towards the 27,499 level and potentially reach $28,000 as the next significant target.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Above 26600

Stop Loss – 26200

Take Profit – 27500

Risk to Reward – 1 : 2.25

Profit & Loss Per Standard Lot = +$900/ -$400

Profit & Loss Per Micro Lot = +$90/ -$40

Daily Price Outlook

The current market capitalization of Bitcoin stands at $520.59 billion, with each Bitcoin priced at $26,849.15. The daily trading volume amounts to $15.57 billion. The price of BTC to USD is continuously updated, and it has experienced a 0.75 percent loss in the past day.

In May, the price of bitcoin (BTC) closed the month at $27,210, resulting in a negative return of -6.92% for the month. This decline marked the end of a four-month bullish streak that drove the 2023 price surge.

During May, there was significant selling pressure on the price of Bitcoin, leading to an 8.75% drop from its local peak of $29,820. This resulted in the conclusion of BTC’s four-month winning streak, with a negative return of 6.92% for the month.

As expectations for a bull run diminish, more investors may join the selling trend, potentially triggering a sell-off. On the other hand, if the price of Bitcoin stabilizes, it may lead to boredom for investors and day traders. It is essential to examine historical data over a significant time frame as it reflects investor sentiment, which often exhibits cyclical movements.

Historical data shows that November has had the highest average return for Bitcoin prices over the past 14 years, at over 38%, followed by 36% in April and 26% in October. Quarters one and four generally show the best results regarding returns on the price of Bitcoin. This suggests that investing in cryptocurrencies is often more favorable in the first and third quarters.

Direction of the Bitcoin Price Remains Uncertain

According to the previous analysis, the Power of Three (PO3) configuration for the Bitcoin price is on the verge of being activated. However, BTC needs to turn the $27,514 support level into a resistance level for the pattern to result in a downward move.

If this confirmation fails, a rebound is possible, especially considering the imminent crossover of the Awesome Oscillator above the zero line and the recent flip of the Relative Strength Index above the mean line. The bounce off the $27,514 support level may target the buy-stop liquidity above the swing highs formed on April 26 and May 6, as both momentum indicators indicate an increase in bullish sentiment.

Investors can anticipate that the bitcoin price will reach the psychological milestone of $30,000 under this scenario.

The future direction of the bitcoin price will be determined by its price action. A break of the $27,514 support level would signal a bearish outlook. In such a scenario, the PO3 arrangement may trigger a sweep of the $25,296 level to target sell-stop liquidity.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

The price of Bitcoin is displaying a slightly bearish trend as it hovers around the 26,850 level. On the four-hour timeframe, Bitcoin has already reached the significant 78.6% Fibonacci retracement level and has declined towards the next support level at 26,650.

Breaking above the 26,650 level could potentially initiate a bullish reversal, as we previously discussed. The presence of a bearish engulfing candlestick below the 50-day exponential moving average suggests that bears are currently dominating the market.

However, as long as the price remains above the 26,600 level, there is a possibility of a reversal and an upward movement towards resistance levels at 27,300, 27,500, or even 28,000. On the downside, if BTC drops below 26,600, the next target could be around 26,000.

Daily Price Outlook

• Bitcoin is currently trading around the 26,850 level, displaying slightly bearish behavior.
• The 78.6% Fibonacci retracement level has been reached, with the next support at 26,650.
• Breaking above the 26,600 level could trigger a bullish reversal, while a break below it may lead to a target of around 26,000.

The price of Bitcoin is exhibiting slightly bearish behavior, trading around the 26,850 level. On the four-hour timeframe, Bitcoin has already reached the 78.6% Fibonacci retracement level and has fallen towards the next support level at 26,650.

This level holds significance as discussed in our previous update, as breaking above it could trigger a bullish reversal in Bitcoin’s price. The formation of a bearish engulfing candlestick below the 50-day exponential moving average indicates dominance by the bears in the market.

However, as long as the price remains above the 26,600 level, there is potential for a reversal and a move towards the resistance levels at 27,300, 27,500, or even 28,000. On the downside, if BTC breaks below 26,600, the next target could be around 26,000.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Above 26600

Stop Loss – 26200

Take Profit – 27500

Risk to Reward – 1 : 2.25

Profit & Loss Per Standard Lot = +$900/ -$400

Profit & Loss Per Micro Lot = +$90/ -$40

Daily Price Outlook

Today’s Bitcoin price stands at $27,117, with a trading volume of $15,859,928,095 in the last 24 hours. The view of Bitcoin mining as a heavily energy-consuming operation is set to change, along with the narrative that accompanies it. Bitcoin is on the path to achieving carbon neutrality as eco-friendly mining practices emerge and awareness increases.

Research indicates that greenhouse gas emissions from global Bitcoin mining have seen more than a 50% reduction over the past three years. In May 2020, Bitcoin mining resulted in emissions of 601 g/KWh, which decreased to 299 g/KWh by May 2023. The term “g/KWh” refers to the grams of CO2 emissions produced per kilowatt-hour of electricity. Lower g/KWh figures indicate cleaner energy production and reduced carbon emissions.

Furthermore, Bitcoin mining is nearing carbon neutrality and might even reach a point of being net carbon negative if current trends continue. Few blockchains, including Polygon and Solana, have achieved this in the past.

If Bitcoin accomplishes this, it will debunk the persistent misconception that “Bitcoin mining excessively consumes energy and harms the environment”. This notion was the main driver behind Elon Musk’s decision to halt Bitcoin payments at Tesla, triggering a market crash in May 2021.

A legislative effort in Texas aimed at limiting the participation of Bitcoin miners in industries that help conserve grid costs failed to advance past a committee in the state House of Representatives earlier this week.

The program incentivizes miners to halt their operations whenever there’s a surge in power grid demand. The proposed bill would have ceased these tax incentives while restricting miner involvement to a mere 10%.

Bitcoin miners are currently rebuilding their reserves after a sharp decrease that started in May last year and continued throughout 2022. The miners are utilizing a portion of their remaining assets to sustain their operations. Over the last month and a half, miners have sold approximately $5 billion worth of Bitcoin from their reserves to support their mining activities.

Despite experiencing losses and uncertain future profits from Bitcoin prices, the persistent increase in hash rate suggests that miners are continuing to run their equipment. They remain hopeful for potential future rewards, a wait that might take some time.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin is currently facing significant selling pressure after breaking below the important $27,500 threshold, which previously served as a strong support for the cryptocurrency. The four-hour chart demonstrates not just a break of the 50% Fibonacci retracement level, but also a breach of the Alpha trend line, which further strengthens the bearish sentiment.

The appearance of a bearish engulfing candlestick pattern further solidifies the ongoing downward trend. Bitcoin has already reached the 61.8% Fibonacci retracement level at $27,250 and seems to be heading towards the next critical support at the 78.6% Fibonacci level, roughly around $26,950.

A successful rise above the $27,950 mark could potentially push Bitcoin’s price toward the next support zone at $26,500. A decisive break above the crucial level of $26,500 is likely to spark a bullish rally for Bitcoin’s price.

On the upside, we expect a resurgence of the previously breached resistance level around $27,300, followed by the next resistance at $27,500. Furthermore, if the positive trend continues, Bitcoin could potentially challenge the next resistance level at $28,000.

In conclusion, careful observation of the $27,500 level is vital as it acts as a key support zone, while also staying alert for potential rebound opportunities around the $26,500 level for Bitcoin.