RATE Group | Bitcoin Struggles to Secure Momentum at $7,700, Downside Break Expected
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Bitcoin Struggles to Secure Momentum at $7,700, Downside Break Expected

04 Jun Bitcoin Struggles to Secure Momentum at $7,700, Downside Break Expected

Posted at 11:30h in Bitcoin News by

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Bitcoin price

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The bitcoin price has failed to secure momentum above the $7,700 mark, struggling to break above the one-month descending trendline since May 3. If the upward movement of bitcoin fades and the dominant cryptocurrency is unable to bounce back quickly to the higher end of $7,700, a bleed out to the $6,000 region can be expected.

Conditional Rally

The corrective rally from $7,040 to $7,700 sparked significant optimism, especially amongst short-term bulls that have predicted the price of bitcoin would rebound back to the $10,000 region within June. While the $10,000 June target is still in play, another correction in the upcoming days will likely occur, given that the corrective rally from $7,040 has stopped at $7,700 and BTC has declined to $7,600.

A short-term break out to the $8,000 region supported by the corrective rally from $7,040 was conditional, as it required the volume of BTC to…

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