Bitcoin reclaims $31K: Possibilities for further upside movement are high

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Bitcoin price analysis for June 6, 2022, comes on a bullish note for the world’s biggest cryptocurrency which has seen a price surge of more than 4% in the last 24 hours and we can expect the token to make a move towards $32K if the buying volume surges. Furthermore, we have seen BTC finally reclaim $31K but it is imperative for the token to retain prices above this region. As noted in our BTC price analysis for June 5, 2022, the BTC token has a major resistance level at this zone and the nearest support lies around the $29K price level.

The data from CoinMarketCap shows that the trading volume of the token surged by 31.12% in the last 24 hours, followed by a 3.91% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0359, while the Market Dominance rose to 46.42%.

The daily candle for the token opened at a price of $29919 and reached a daily high of $31157. On the other hand, the daily low for Bitcoin stands at a price of $29890. The price of 1 Bitcoin at the time of writing is $31110.

Bitcoin price analysis for June 6 on the daily chart

Bitcoin price analysis for June 6, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis

Source: TradingView

The RSI indicator reads a value below 51 which means that the Bitcoin bulls are aiming to take over and the gradient of the line suggests that higher prices will follow.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains bullish.

The price action for Bitcoin has pushed into the bullish zone of the Bollinger Bands and we can a bullish divergence in the near future.

Conclusion

Bitcoin price analysis for June 6, 2022, ends on a bullish note for BTC with high chances of a trend reversal.

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