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Home BREAKING NEWS

Bitcoin Might Break Out This June and Here is Why

by Matoy
June 6, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Bitcoin’s average price across multiple time frames converges, indicating potential for a significant price move.
  • TradingView’s moving average indicator rates Bitcoin as a “Strong Buy” amid current price action.
  • U.S. bank instability adds to market dynamics, potentially impacting Bitcoin’s trajectory.

Bitcoin might soon experience a significant price movement as its average price across several time frames converges. This convergence, noted by Real Vision’s chief crypto analyst Jamie Coutts, suggests that Bitcoin is at a critical juncture. On June 4, the simple moving averages (SMA) for Bitcoin over five-day, 30-day, and 50-day periods all fell within a close range of $65,000 to $68,239. This convergence indicates low volatility and often precedes a breakout, though it could also lead to a price retracement. Bitcoin is currently trading above these averages at $70,840, which is seen as a positive sign by traders, potentially setting a new support level.

Market Sentiment and Indicators

According to TradingView’s moving average indicator, Bitcoin is currently rated as a “Strong Buy.” This assessment considers both the SMA and the exponential moving average, which places greater emphasis on recent prices. On June 4, Bitcoin briefly touched $71,040 before pulling back, with traders closely watching this level as a step towards its all-time high of $73,679.

Economic Factors and Market Impact

Bitcoin’s stability above $60,000 over the past 30 days adds another layer of confidence for investors. However, broader economic factors, particularly the rising number of U.S. banks at risk of insolvency, are influencing market dynamics. In the first quarter of 2024, the U.S. Federal Deposit Insurance Corporation (FDIC) reported a 21% increase in banks on its “Problem Bank List,” highlighting financial instability.

After the collapse of three banks in March 2023, Bitcoin’s price surged 35% in nine days, suggesting that economic uncertainty can drive increased interest and investment in cryptocurrencies. As Bitcoin approaches this critical price junction, traders and analysts alike are keeping a close watch on upcoming economic reports and market signals.

Tags: Bitcoincrypto
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