Bitcoin (BTC) Price Forecast: BTC/USD Shifts as Bitcoin Consolidates Above $34,000

Bitcoin (BTC) Price Forecast – June 4, 2021 About 24 hours ago, Bitcoin consolidating above $34,000 while Bitcoin bulls failed to rise above $40,000. As a result, BTC/USD is falling towards the lower price range. While buyers fail to break the $40,000 resistance, sellers have another advantage to retest the critical support at $34,000. This is the price war since the May 19 downtrend. Breaking the levels attached to this range will determine the direction of Bitcoin. Resistance Levels: $45,000, $46,000, $47,000 Support Levels: $35,000, $34,000, $33,000 BTC/USD – Daily Chart Want to Buy or Trade Bitcoin (BTC) Now? Invest with eToro! Buy Bitcoin Now 75% of retail investor accounts lose money when trading CFDs with this provider. For the past two weeks, Bitcoin has been held in a narrow price range of $34,000 to $40,000. In recent weeks, buyers have made concerted efforts and retested the resistance zone six times without success. The bears made similar attempts to break the current support. It is unclear in which direction Bitcoin will move as the bulls and bears continue their price wars. In summary, if the bears break the $34,000 support, Bitcoin will drop to the lows of $30,000. Then the bearish momentum could extend to $20,000 USD. On the other hand, if the buyers break the $40,000 resistance, an initial rally to $46,000 is likely. Afterwards, the bullish momentum will extend to the psychological price level of $50,000. JP Morgan Strategist says that while Bitcoin is consolidating above $34,000, Bitcoin price is not over yet. Nikolaos Panigirtzoglou, JPMorgan analyst who stated that the value of Bitcoin could be between $24,000 and $36,000. He said that the biggest cryptocurrency will continue to decline in the near term. Categorically, he claimed that weak institutional demand is likely to push Bitcoin price below $30,000. Panigirtzoglou noted that institutional investors were reluctant to buy the dips afterward.

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