Bitcoin Tightens Near $8000

Since the plunge of last Tuesday, leading cryptos have entered a state of relative calm. Bitcoin (BTC) is tightening in the vicinity of $8000, well off of the 30 May highs above $9000. While BTC is holding firm within intermediate-term bullish territory, many crypto enthusiasts are wondering where the excitement of last month has gone.

For cryptocurrencies, no news is good news. A quick around-the-horn to leading crypto media outlets shows a lack of any blockbuster market-moving headlines. At the moment, there is little buzz surrounding regulation or ETFs ― popular sentiment is best described as being “full speed ahead with the status quo.”

Bitcoin Hangs Tough Above The Daily 62% Retracement

For June Bitcoin futures, prices are holding firm in a non-committal technical area near $8000. Neither bidders nor sellers are stepping up to the plate, prompting five consecutive range bound sessions.

Here are the levels to watch in June BTC for the near future:

• Resistance(1): Daily SMA, $8189
• Support(1): Bollinger MP, $7685
• Support(2): 62% Retracement, $7422

Overview: As of this writing (11:30 AM EST), it looks like Bitcoin has put in a valid short-term bottom just beneath the $7500 level. After a tough week or so, bullish optimism is creeping back into the market. For most in the cryptosphere, BTC’s return to $10,000 appears imminent.

In a Live Market Update from last week, we talked about going long Bitcoin from the $7500 area. If you missed the piece, check it out here. The play has turned out to be a good one, with prices rallying some $750. If you are still long BTC, then there really isn’t a whole lot of reason to bail out of the position. Until we see a bearish break below $7425, the uptrend is best respected.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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