Bitcoin price falls below $9720: what’s next?

The Bitcoin price line was observed moving past the $9840 level on during the 24hour trade between the 4th and 5th of June. The cryptocurrency traded within a day’s range of $9592.74 — $9856.48. Analysts believe that BTC should see a downward rollback next.

1-Day Bitcoin price analysis (5th June)

Bitcoin Price Chart

Bitcoin Price Chart by Trading View

At noon on the 4th of June, BTC turned bullish and moved past the $9800 level. The cryptocurrency reached a day’s high of 9879.53 while it traded near the $9800 level until 09:00 GMT on the 5th of June, after which the BTC price line moved below the $9720 level.

Bitcoin price movement; what’s next?

RocketBomb is a TradingView analyst who discussed two scenarios for BTC’s price movements. The analyst suggested that the then situation for BTC price was not clear, hence they were waiting for it to break out in either direction, up or down.

For the first scenario, the analyst believed that BTC would see an uptrend towards the $10100 level, while according to the second scenario, the price line would have moved towards the $9400 mark.

Bitcoin Price Featured ChartBitcoin Price Chart by Trading View

The analyst added that the $9400 level is dangerous is the last trend reversal occurred from the same price level, and that BTC stands unpredictive at the moment. Currently, Bitcoin has moved below the $9750 level; however, it is still unclear whether the cryptocurrency will move downwards or upwards next.

Lingrid is another TradingView analyst who believes that BTC should see a decline towards $8872. 

Bitcoin Price Featured ChartBitcoin Price Chart by Trading View

The analyst suggested that the bullish trend for BTC may have now concluded, and thus, a downward rollback should be up next.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. holds no liability towards any investments based on the information provided on this page.

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