Bitcoin Price Analysis: Will the Falling $BTC Price Hit $24000 this Week?

06 Jun, 2023

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From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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Bitcoin Price Analysis: The crypto market experienced a significant decline following the filing of a recent lawsuit against Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng “CZ” Zhao. On June 5th, the Bitcoin price witnessed an intraday loss of nearly 5% and breached below the crucial support of $26000, This breakdown reflects the BTC price is poised for a longer correction.

Also Read: Crypto Industry Shows Unwavering Support For Binance Against US SEC, Poll Reveals

Bitcoin Price Daily Chart

A breakdown below $26000 support will set the BTC price for a potential 6% drop
The Bitcoin price will sustain its bullish trend until the lower support trendline i
The intraday trading volume in Bitcoin is $12.2 Billion, indicating a 40% gain.

Source-Tradingview

The ongoing correction phase in Bitcoin price witnessed a significant boost with the recent sell-off in the crypto market. Amid this downfall, the sellers breached the May bottom support of $26000, offering sellers an additional barrier to pressurize the coin price to fall lower.

The intraday loss of 0.68% provides a suitable follow-up, indicating the bearish momentum is active. With sustained selling, the price could plunge to $25000, followed by $24000, accounting for a potential loss of 6%.

However, the $24000 is aligned with a long-coming support trendline which is carrying the ongoing uptrend in Bitcoin. Previously this trendline triggered the January and Mid-March rally indicating the buyers are receiving intense demand pressure at this dynamic support.

Therefore, the coin holders can maintain a bullish sentiment until this trendline has held.

Will Bitcoin Price Plunge Back to $24000?

The Bitcoin price is still under the influence of a channel pattern, and the correction phase being part of it, could lead to a downfall to a lower trendline which is at $24000. However, the only in-between support that could offset the potential fall is $25000

Relative Strength Index: The daily RSI slope below the oversold region indicates the bear went overboard with selling this coin and therefore a minor sideways trend is expected.
Exponential Moving Average: The 200-day EMA slope wavering near $25000 accelerates the support strength at this level.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.