On May 31, the trading price of Bitcoin (BTC) successfully hit the trading price of $32,659. It is currently the overhead resistance mark for Bitcoin. Once the bulls reached the mark, they tried to keep it under their control.
The bulls did invest a lot of money in the cause in order to push Bitcoin’s price higher. Their fight with the bears continued when the bears tried to pull the trading price of Bitcoin lower.
The bears kept forming hurdles in front of the bulls whenever they tried to push through the resistance mark. They kept selling Bitcoin in order to cause constant hurdles against the bulls.
With the constant selling power of the seller, the bulls failed in sustaining the pressure. As a result, the trading price of Bitcoin fell below the $32,659 mark.
Doji Candlestick Pattern
The recent changes in the trading price of Bitcoin formed a particular candlestick pattern. The particular pattern that was observed was the Doji Candlestick Pattern.
The particular pattern suggests that the sellers and buyers were very uncertain about the price of Bitcoin. This means that the investors from both sides were not sure which side the trend for Bitcoin may lean on.
Bitcoin’s Movement on June 1
Although the uncertainty stuck around until the end of May 31, it was cleared out on June 1. This was the time when the trading price of Bitcoin moved towards the bearish side.
The report shows that the trading price of Bitcoin went below the $30,741 mark, which is the 20-day EMA.
The Bearish Approach
As of now, the trading price of Bitcoin is below the particular mark. If the bulls are unable to fight off the bears, then the trading price of Bitcoin may plunge even more. In the next few days, the bears may attempt to bring Bitcoin lower to $28,630.
If the price of Bitcoin reaches $28,630, then the bulls may launch their strong attack. Their attempt would be to ensure that the price of Bitcoin remains over the $28,630 mark.
In case the bulls are unable to sustain the bears’ pressure, then the trading price of Bitcoin may fall below $26,700.
Bitcoin’s Surge to $34,629
If the price comes down to $28,600 and the bulls demonstrate enough buying power, Bitcoin may experience a rebound. In that case, the trading price of Bitcoinmay get pushed all the way up to $32,659.
At this point, the bulls may intensify their buying activity. This way, a strong buying rally may be formed, which would help push the trading price of Bitcoin up to $34,629. The trading price of $34,629 is currently the 50-day SMA for Bitcoin.