Bitcoin (BTC) does not have a clear directional bias for the eighth consecutive day, while the price of Litecoin (LTC) continues to rise. Since June 5, the price of a single Bitcoin, the world’s largest market value for cryptocurrency, has been limited to $600 range.
BTCUSD Dominant Trend: Bullish
Supply Level: $9000, $9200, $9400
Demand Level: $7000, $6800, $6600
Bitcoin Price Analysis
The price of Bitcoin in the last stages of Wednesday’s operations has gained of less than 2.5%. The bulls have managed to return to positive momentum, but the price remains stuck in a narrow daily range. Bitcoin price has been operating in an adjustment environment since June 4, after losing momentum earlier this month. The Bulls lost a lot of ground after briefly touching the $9,000 prize pool. In terms of supply, the growth potential is limited by a daily resistance of around $8200. Further north, a high-density supply area is between $8,800 and $9,000. These are the last major obstacles to a firm return of $9,000. After a long period of lateral trading, Bitcoin and the aggregate crypto markets could increase today as the market price is still moving above the blue-line 50-day MA, allowing Bitcoin price to overcome the previously high supply level of $9,400.
Although this increase is certainly bullish, Bitcoin still faces a supply of about $8,200, but a break above this level could quickly lead the cryptocurrency to recover in the upper region of $8,700. At the time of writing this article, Bitcoin is trading up about 5% at its current price of $8,150, significantly more than the daily minimum of less than $7,800. Since early this month, Bitcoin price has struggled to return to the region of $8,000 and seems to have formed a pattern of consolidation that is expected to continue in the foreseeable future. Despite this, yesterday’s increase seems to have prolonged the growth of cryptography growth in the last two months, which could allow the Bitcoin price to continue increasing. The importance of the last BTC moves up, a break above $8,200 could allow the bulls to reach the $8,700 level following the green bar of MACD indicator.