Bitcoin retains prices above $31K: Trend reversal incoming?

Bitcoin price analysis for June 7 ends on a bullish note but it is imperative for BTC to breach $32K to confirm signs of a trend reversal.
Bitcoin price analysis for June 7 ends on a bullish note but it is imperative for BTC to breach $32K to confirm signs of a trend reversal.

Bitcoin price analysis for June 7, 2022, comes on a bullish note for BTC, the world’s biggest cryptocurrency as we have seen a price surge of more than 4.4% in the last 24 hours. Furthermore, it is possible that BTC might break the $32K price level which is a point of major resistance for the token. As noted in our BTC price analysis for June 6, 2022, the token rebounded from $29K and made an attempt to breach the $31K price region and was successful in its attempts as well. BTC needs to hold above this region.

The data from CoinMarketCap shows that the trading volume of the token surged by 86.33% in the last 24 hours, followed by a 4.59% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05343, while the Market Dominance rose to 46.88%.

The daily candle for the token opened at a price of $31373 and reached a daily high of $31381. On the other hand, the daily low for Bitcoin stands at a price of $31179. The price of 1 Bitcoin at the time of writing is $31268.

Bitcoin price analysis for June 7 on the daily chart

Bitcoin price analysis for June 7, 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 matching their efforts with the bears and the gradient of the line suggests that buying volume is declining.

The MACD indicator shows that the MACD line remains above the signal line and the MACD histogram is filled with bullish green bars.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands and if the buying volume jumps, a bullish breakout can be witnessed.

Conclusion

Bitcoin price analysis for June 7, 2022, ends on a bullish note for BTC but it is imperative for BTC to breach $32K to confirm signs of a trend reversal.

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