Bitcoin price analysis for 15 June

  • BTC traded sideways overnight.
  • Further upside is still rejected.
  • BTC likely to retrace to $37,000

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Bitcoin analysis is bearish for today as further upside was rejected overnight and the market moved sideways to prepare a base from which to push lower overnight. Therefore, we expect BTC/USD to retrace over the next 24 hours and set another higher low around $37,000.

BTC/USD traded in a range of $39,072 – $40,978, indicating a moderate amount of volatility. Trading volume has increased by 7.46 percent and totals $46 billion. Meanwhile, the total market cap trades around $749 billion, resulting in a market dominance of 43 percent.

If BTC/USD retraces to $37,000 mark and sets another local swing higher low, we can expect another movie higher later this week. The $42,000 mark would now serve as a resistance, meaning that once it is broken, the overall Bitcoin price action would turn even more bullish.

The material has been provided by InstaForex Company - www.instaforex.com

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