Bitcoin on June 2 – Do the statistics announce a complicated month of June for BTC?

Is Sam Bankman-Fried Not Guilty? – In any case, this is the opinion of the former boss of FTX. In effect, he blames the law firm Fenwick & West. Since the bankruptcy of FTX, the cryptocurrency sector is very fragile. The collapse of the platform has spawned other bankruptcies and the dominoes may not be finished falling. THE bitcoin price stabilizes around $27,000. Thus, the buyers will have to show themselves to avoid a new wave of decline which could bring the price back to $25,000.

This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.

Bitcoin price climbs 1% in 24 hours

BTC is trading around $27,000. Buyers and Sellers neutralize each other. In 24 hours, the bitcoin price increases by 1%.

Performance of Bitcoin against different pairs – Source: Coincheckup

BTC is in 3% increase in one week. In one month, the course fall close to 5%. For its part, the pair BTC/ETH drops 1.7% in one week and of 6.4% in one month. Can Ethereum continue to outperform the king of cryptocurrencies ?

A difficult month of June for the price of Bitcoin?

Historically, may is not among the best performing months for BTC. The month has just ended, and it shows a down nearly 7%. Attention ! June could also be complicated for BTC.

Bitcoin Could Have a Complicated June - June 2, 2023
Monthly performance on Bitcoin Source: Coinglass

According to data from Coinglass, since 2013, the month of June closed in the green 50% of the time. However, it also does three years in a row that the price of BTC closes in the red. Will things be different this time around? Is this the wish of all cryptocurrency enthusiasts? But for that, buyers will have to react quickly. Let’s look at the short term situation.

The price of Bitcoin potentially rejected at the level of institutional bias?

BTC rebounded at the level of the bracket at $26,700. Now, the price has to face the dynamic resistance at the level of the institutional bias (EMA 9/EMA 18) bearish.

Bitcoin price must hold support at $26,700 - June 2, 2023
Bitcoin price against the dollar (4H)

If this dynamic resistance gives way, the price could retrace to the resistance level at $27,500. If this in turn yields, the price could join the next rresistance at $28,500. Moreover, to restart the bullish momentum, the price will have to break the level at $28,500. Whatever happens, buyers must defend the support at $26,700.

THE ROI is back to the level of the bullish trendline. The indicator should continue to develop above this trendline. A rejection here would allow sellers to regain control of the momentum.

The course of Bitcoin closes the month of may in the red. Historically, the month of June is not the most interesting. Indeed, until today, the price closed half the time in the red. the year 2023 could improve these statistics. For this, buyers will have to react and continue on the upward momentum in 4 hours. It would need to close above $28,500.

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