On June 15, a new weekly Bitcoin candle (BTC) opened at $ 9,327, which is below the critical resistance level of $ 9,400. Business owners say that the price of bitcoin in the short term can fall to $ 7,000.
Critical levels of support in the short term are $ 9,200 and $ 9,000. If the price of Bitcoin falls on both levels and remains at $ 8,000, some traders expect the price of Bitcoin to fall to $ 6,000.
Just hours after opening the weekly light, Bitcoin’s price dropped to $ 8,892 on BitMEX for the first time in two weeks.
From $ 6,000 to $ 7,000: After that, traders will see bitcoins
Over the coming months, traders expect the price of Bitcoin to fall to the following levels: $ 7,700, $ 7,300, $ 7,100, $ 6,400 and $ 6,000.
All of the above price indicators have historical significance. For example, at $ 6,400, Bitcoin fell after a sharp 40% fall in December 2019, to rise above $ 10,000 over the next six weeks.
Cryptocurrency investor Scott Miller said that if Bitcoin can’t contain $ 9,270 dollars, you’re likely to see a fall in the foreseeable future:
This gap in time was probably a small setback, but it seems that this large, hoarse wedge falls daily. A $ 9,270 contract, or we can see a drop. ”
In the short and medium term, cryptocurrency trader Satoshi Fleber emphasized that a support range of $ 9,000 to $ 9,200 is crucial to maintaining Bitcoin momentum. If the price of bitcoin remains below $ 9,000 and $ 9,200, the trader said that a deep decline could be expected.
In the past month, spot trading volume in the bitcoin market has remained relatively unchanged, while futures trading activity has increased. An alarming trend in the daily volume of BTC may reduce the flexibility of cryptocurrency compared to potential sales.
Be aware of the high sales of miners
According to BTC.com, the difficulty in extracting Bitcoins will be adjusted in about 30 hours.
Originally, mining problems for bitcoins were estimated at 12%. Now the complexity is recovering by more than 14%.
Simply put, it will be difficult for miners to recover bitcoins overnight by 14%, increasing the cost of mining bitcoins every day, which could lead to an increase in the sales of miners.
As Bitcoin investor Willy Wu said earlier, miners represent one of the unique pressures on the Bitcoin market:
“Only sales presses have no analogues in the market. (1) Miners who reduce supply and sale in the market are hidden taxes due to inflation. And (2) stock exchanges that tax sellers and sellers on the market. ”
With Bitcoin falling below $ 9,000, additional pressure from miners could increase the likelihood of a short-term correction.