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Market Update: Bitcoin Buyers Starting to Find Some Footing?

June 9, 2021
by Joseph Jeffriess, Market Analyst

Here’s a burning question on the cryptocurrency market: Has Bitcoin started to find some demand? Looking at the current 4H price chart we can see two areas that have started to show demand from buyers on a few tests now. The last push into the area set a failed low. It kicked off the current recovery rally we’re seeing at the moment.

32,100 has started to present at short-term support. Above resistance remains at 34,400 and 35,850. Buyers, for now, have beaten the fast trend but the longer-term downtrend remains. A confirmed break of 34,400 would be a good start in confirming that this current move higher may have more legs. A move through 35,850 and the long-term trend line could start to suggest that the previous range could be accumulation and not a continued building of a larger descending triangle pattern.

Bitcoin 4-Hour Chart

We want to see short-term support hold. If we see a new move back into demand it could suggest sellers are looking to resume the downtrend.

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