Bitcoin Price Prediction for Today, June 3: BTC Bears May Slide Below $29,000 Support



The Bitcoin price prediction shows that BTC is likely to cross below the moving averages as the coin touches $29,402 support.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $29,525
  • Bitcoin market cap – $564.8 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $36,000, $38,000 $40,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD may face a setback that could drag the coin below the 9-day and 21-day moving averages, and the king coin is likely to have an additional bearish run. Currently, Bitcoin (BTC) is trading around the $29,525 level after a free fall from the daily high of $30,674 during the European.

Bitcoin Price Prediction: Bitcoin (BTC) Heads to the Downside

The Bitcoin price is currently nose-diving below the moving averages. If the price should slump below the support level of $29,000, it is likely to face a downward trend. Moreover, the further bearish movement could locate the supports at $24,000, $22,000, and $20,000, making room for BTC to fall even further.

In the meantime, the technical indicator Relative Strength Index (14) may cross below 40-level as the trading volume could be in support of the bears. On the contrary, if bulls decide to move the price back above the 9-day and 21-day moving averages, BTC/USD may move towards the upper boundary of the channel to locate the resistance levels at $36,000, $38,000, and $40,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

On the 4-Hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages and the immediate support is likely to come at the $29,500 level. The price may likely fall below this level if the bears continue to dominate the market.

BTCUSD – 4 Hour Chart

However, a further bearish movement could hit the critical support at the $28,500 level and below, while the resistance is located above the moving averages at the resistance level of $31,000 and above. Meanwhile, the Bitcoin price is currently moving on the positive side as the technical indicator Relative Strength Index (14) is likely to cross above 40-level.

eToro – Our Recommended Bitcoin Platform

Our Rating

eToro exchange
  • Regulated by the FCA, ASIC and CySEC
  • Buy Bitcoin with Bank transfer, Credit card, Neteller, Paypal, Skrill
  • Free Demo Account, Social Trading Community – 20 Million Users
  • Free Bitcoin Wallet – Unlosable Private Key
  • Copytrade Winning Bitcoin Traders – 83.7% Average Yearly Profit

eToro exchange

68% of retail investor accounts lose money when trading CFDs with this provider.

Read more:

You have not selected any currencies to display

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.