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Bitcoin Paces Higher Alongside Dollar

MongiIG

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BITCOIN, BTC/USD, CRUDE OIL, JAPANESE YEN - TALKING POINTS

  • Bitcoin prices paced higher alongside US stock indexes
  • Japanese Yen fell to a fresh multi-decade low overnight
  • BTC/USD faces confluent resistance if strength continues

Bitcoin (BTC) gets $1 million price call — but there are risks ahead

 

BTC/USD TECHNICAL FORECAST

BTC/USD added 5% overnight, although prices moderated below the late-May swing high near the 32,000 mark. If prices continue to rise, a descending trendline from the March 2022 high may offer a point or resistance, potentially reinforced by the falling 50-day Simple Moving Average (SMA). Alternatively, a break lower would return prices to a range that contained prices through much of May.

BTC/USD DAILY CHART

btc chart

Chart created with TradingView

 

 

 

--- Written by Thomas Westwater, Analyst for DailyFX.com. 7th June 2022

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