Bitcoin nears one-week high but buyers still have much to prove to sustain the bounce
03 Jun 2021
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Bitcoin moves up to $38,898 on the day
That is the highest level since 28 May as buyers look to be forming a base close to the 50.0 retracement level of the big picture upswing in Bitcoin, around $34,378.
That said, any fresh spark for a renewed upside push on the latest bounce still needs to clear the $40,000 level as well as the 200-day moving average (blue line) @ $41,475 otherwise it is unlikely to be sustained – at least from a technical perspective.
There are still a lot of contrasting voices in the crypto space at the moment but I’ll leave it to the charts to tell the story, for now.