Bitcoin (BTC) Signals Jun 8, 2022

Nonetheless, technical analysts are proposing that a drop below $24,000 in the coming weeks is imminent. This sentiment is supported by broad expectations of further trading pressure ahead of the release of US inflation data later this week.

Bitcoin (BTC) suffered another $32K failed attempt, as the allusion cryptocurrency plunged more than 6% in the last 24 hours. At press time, the cryptocurrency has returned above the $29.5K support, maintaining its one-month range. Certain components seem to encourage various cost gains for BTC in the short term. Simultaneously, a higher than expected report would cause an even steeper drop in BTC.

Another element that supports new falls in Bitcoin and the crypto market is the greatest regulatory scrutiny of the cryptocurrency industry. As previously stated, the US inflation report for May, scheduled for Friday, is going to have a significant dominance in the crypto market and define the broader excitement for June. Following a slowdown in inflation in April, analysts expect to see further reductions in consumer costs through May. According to financial market data provider MarketWatch, the deal is to see an 8.2% year-over-year inflation report in May. Nonetheless, a report below this deal reading will possibly trigger a bullish rally for BTC.

As much, the much-awaited cryptocurrency bill plan, due to be released this week, further influences the short-term cost action of the cryptocurrency market. Key Bitcoin Levels to Watch: June 7th As discussed earlier, Bitcoin suffered another intense rejection around $32K in a fairly familiar fake breakout. However, the cost rejection has been repelled by the degree of support at $29,500, which prevented a sustained correction and stabilized the cost after the drop. BTCUSD – Daily chart in Gemini. Source: TradingView. That said, BTC is not out of risk yet, as analysts expect a dramatic drop in the coming days, ahead of various market-moving data and announcements. The allusion cryptocurrency could retouch the May 12 low around $24,000 if it fails to hold onto the pivot base of $28,700. resistance levels remain at $30,000, $30,300 and $31,000 key support levels remain at $29,500, $29,000 and $28,000.

---

Note: SignalsBitcoin.com is not a financial advisor. Do your research before investing your funds in any financial asset or featured product or event. We are not responsible for your investment results