A new weekly Bitcoin (BTC) candle opened at $9,327 on June bitcoin investment site, under a crucial resistance level at $9,400. Traders say the price of Bitcoin could fall to the $7,000s in the near term.
Critical support levels in the short term are considered to be $9,200 and $9,000. If the price of Bitcoin falls both levels and remains in the $8,000s, some traders expect Bitcoin to fall to as low as $6,000.
Merely hours after the weekly candle open, the price of Bitcoin plunged to as low as $8,892 on BitMEX for the first time in two weeks. $6,000 to $7,000: where traders see Bitcoin next
In the upcoming months, traders anticipate the price of Bitcoin to drop to the following levels: $7,700, $7,300, $7,100, $6,400 and $6,000.
All of how to invest bitcoin 2020 the abovementioned price points hold historical significance. The $6,400 level for instance, is where Bitcoin bottomed out following a steep 40% drop in December 2019 to rally above $10,000 in the next six weeks that followed.
Cryptocurrency investor Scott Melker said if Bitcoin fails to hold $9,270, it is likely to see lower in the foreseeable future:
“That hourly divergence was enough for a little bounce, but this large ascending wedge appears to be breaking down on the daily. Hold $9,270 or we will likely see lower.”
In the short to medium term, cryptocurrency trader Satoshi Flipper emphasized that the $9,000 to $9,200 support range is crucial to maintain the momentum of Bitcoin. If Bitcoin remains below $9,000 and $9,200, the trader said a deep downtrend can be expected.