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By: CoinGape 05:02 Jun 4, 2021 Exchange Binance

Bitcoin Price Forecast: BTC bleeds after rejection $39,000

This week, Bitcoin price staged another recovery mission, extending the gains from support at $33,000 to highs around $39,000. Investors anticipated a break above $40,000, but the rejection has led to an ongoing retreat.

The pioneer cryptocurrency trades at $37,800 while holding dearly to the 100 Simple Moving Average ( SMA ). It is almost certain that the bearish leg will stretch further; therefore, the 50 SMA on the four-hour chart is in line to offer support.

It is essential to keep in mind that for a few days this week, BTC was pivotal at $37,000. Support at $36,000 played a key role in ensuring that declines were mitigated. On the upside, bulls found it challenging to break through $38,000 except for Thursday’s price action that extended to $39,000.

Bitcoin’s bearish outlook intensifies

The relative Strength Index ( RSI ) on the four-hour chart has a vivid bearish signal. This follows a gradual rise from May’s oversold conditions to levels close to 70. A correction toward the midline insinuates that bears are getting aggressive, and more gravitational pull on the price should be expected.

A comprehensive look at the Moving Average Convergence Divergence ( MACD ) shows that bulls still have the upper hand, but we cannot ignore the speed at which sellers are advancing. Therefore, a sell signal will occur if the MACD line (blue) crosses under the signal line. Subsequently, defending support at the 50 SMA and $36,000 is crucial to averting potential losses to $33,000.

On the upside, regaining ground above $38,000 would call more buyers into the market and perhaps resume the uptrend above $39,000. Trading past $40,000 is critical because investors would most likely increase their stakes while speculating upswing to $40,000.

Bitcoin intraday levels

Spot rate: $37,800

Trend: Bearish

Volatility: Growing

Support: 50 SMA , $36,000 and $33,000

Resistance: $39,000 and $40,000

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Daily Crypto Calendar, Jun 4th

• Polylastic (POLX)

Network Tax and Burn

“A tributação da rede entrará em operação no dia 4 de junho de 2021. 20% do POLX arrecadado pela rede coletada será queimado.”.

• PlotX (PLOT)

Mercado de previsão pré-IDO

O primeiro lançamento no mercado de previsão de crowdsourcing na PLOTX. Primeiro mercado a entrar no ar $ BITE no dia 4 de junho às 14h UTC.

• Ethernity Chain (ERN)

Resgatando a agricultura / pedras

"Nosso primeiro evento agrícola ANFT que será realizado em 4 de junho de 2021. 12h EST"

• Unifi Protocol DAO (UNFI)

Migração # 7 termina

A migração # 7 será aberta em 31 de maio de 2021 e encerrada em 4 de junho de 2021.

• Polkastarter (POLS)

Listagem KuCoin

"Polkastarter (POLS) está agora disponível no KuCoin. Os pares de negociação suportados são POLS / USDT e POLS / BTC ... Negociação: 10:00 e...

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