After the bearish trend, Bitcoin (BTC) is trying to gain back the momentum from the recent low of $9,657. On June 3rd, BTC price has gained more than 12% of its value in recent 24 hours, which is the best result out of top-20 coins. According to 7-day chart, BTC is still down nearly 8% as the market is rocked by high volatility.
On june 2nd, there was a decline below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair traded to a new monthly low at $9,679 before the bulls took a stand. Further, there was a strong bounce in bitcoin price above $11,000 level against the US Dollar. BTC price surged more than 10% and it could continue to rise towards $12,000 in the near term.
According to coinmarketcap
Bitcoin Price $11,348.66 USD
Bitcoin ROI 8,287.78%
Market Cap $201,951,477,707 USD
24 Hour Volume $31,430,621,136 USD
Circulating Supply 17,795,175 BTC
According to Technical Indicators
- The Relative Strength indicator has turned bullish on the one-hour time frame which is above 60 levels. Indicating over brought condition.
- The MACD indicator is indicating a bullish trend on the one-hour time frame and continues to issue a buy signal.
- The Parabolic SAR markers were below the candles and showcased a bullish market.
- The Chaikin Money Flow is indicating a Bullish Trend. Showcasing continuous Buying Pressure, rising prices coinciding with CMF values above 0.
- The Bollinger Band is showing divergent volatility in the market.
- The Awesome Oscillator is showing bullish buying opportunity or short-term momentum in the market.
Technical analysts are being optimistic towards the swift recovery of bitcoin from a large pullback, as the BTC price has shown a change in trend within a short time frame.
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