BTCUSD: The crucial technical level that would reveal whether Bitcoin will be Bullish

BTCUSD is at a crucial technical level. If Bitcoin manages to steer above this range with decent volumes, it could bring a bullish run in the short term.

BTCUSD fell to $8,600 on June 3 in some exchanges. It has since then recovered. However, Bitcoin is not yet out of the woods. On top of this, Wall Street seems to be running the show in the Financial markets.

Investors now are faced with a dilemma. Nobody wants to miss out on the opportunity of Bitcoin gains. At the same time, the Blue chip stock returns are currently excellent, minus the volatility of BTCUSD. 

 

Technical overview of BTCUSD

Bitcoin is currently trading at $9,744.69. After the bizarre movements at the beginning of the month, BTCUSD is on a consolidation phase now.

Source: TradingView.com

Bitcoin is currently clinging to a fundamental level of $9,744.42. The hourly-timeframe for BTCUSD shows that this level served as a crucial support/ resistance multiple times in the past one week. The arrows that are drawn on the chart signify the times when the zone proved extremely vital.  

If BTCUSD rises above this level with decent volume, it could increase further. Moreover, this will prove to be a support level. The RSI or Relative Strength Index is not giving any clear signals. However, it is around 60 and points downwards.

 

Investors staying cautious with BTCUSD

Despite the recent consolidation following the rise, the traded volume for BTCUSD is pretty low. Traders are more cautious about Bitcoin’s movements now.

Traders appear to be skeptical about the medium-term outlook of BTCUSD. The blow on June 3 caused by the abrupt crash had a lasting effect.

Treading with caution is actually a blessing in disguise when it comes to investing in Bitcoin. Bloomberg pointed out that unless something awful happens, Bitcoin will appreciate over the long term. 

Therefore, investors should look at buying BTCUSD at attractive rates and then hold them. Profit booking and swing trading will not be very beneficial in the long term.

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