Hello and welcome to News BTC’s Market Outlook June 15.
Bitcoin tried to rally during the day on Wednesday, but gave back quite a bit of the gains as we continue to see bearish pressure pop into the market. After all, the market is overbought, so I expect to see more correction and with that being the case it’s likely that the birds pressure continues.
Bitcoin even fell against the Japanese yen, which has been a currency that it has been no bond quite significantly. Ultimately, the market should continue to go higher, reaching towards the ¥340,000 level but I also believe that we need to build up momentum after a pullback. So, short-term, I think that sellers are in control, and then eventually the longer-term uptrend should continue.
Thanks for watching and I will see you again tomorrow.