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.