NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis for 06/09/2016 – Hovering Near Channel Support

newsbtc
newsbtc
1 year ago
2 mins read
bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin Price Key Highlights

  • Bitcoin price has been slowly trending higher following its strong upside breakout last month.
  • Price is trading inside an ascending channel visible on its 1-hour time frame and is testing support.
  • A bounce off this area could lead to a test of the resistance near $600 but a downside break could spur a longer-term selloff.

Bitcoin price is on a short-term uptrend and is still deciding whether to make a bounce or a break from support.

Technical Indicators Signals

The 100 SMA is above the 200 SMA so the path of least resistance is to the upside, indicating that buyers could be strong enough to push for a move towards the top of the channel. In addition, the 100 SMA lines up with the channel support and appears to be holding as a dynamic inflection point for now.

Oscillators are painting a mixed picture, though. RSI is on the move up to show that buyers are in control of bitcoin price action at the moment. However, stochastic is heading south so bitcoin price could follow suit if selling pressure continues to build up.

A break below the channel support could lead to a test of the nearby dynamic support at the 200 SMA or $565 while a stronger drop could pull it down to the longer-term area of interest at $540-550.

160609_bitcoin

Market Events

The US dollar has lost a lot of appeal following the downbeat May NFP report and Yellen’s cautious remarks. Traders are pricing in lower odds of a Fed rate hike this month and the next and might be lightening up on their dollar holdings to the benefit of bitcoin.

In addition, market uncertainties are making virtual currencies more appealing versus fiat ones these days. The upcoming EU referendum has had forex brokers adjusting their margin requirements for several currency pairs higher as they anticipate a burst in volatility leading up to the event. This could lead investors to move their funds to alternative assets such as bitcoin.

Keep in mind also that uncertainty in the markets could also lead to quick profit-taking activity, as traders might not be willing to leave any risk on the table over the weekends.

Charts from TradingView

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Dominance Shows Bearish Divergence – Altseason Could Be Near

Bitcoin Dominance Shows Bearish Divergence – Altseason Could Be Near

Bitcoin briefly pushed into the $108,800 level a few hours ago but was once again unable to reclaim higher prices,...

Sebastian Villafuerte 5 hours ago
Bitcoin

Bitcoin Price At $145,000 In September? Bullish Dojis Suggest Upward Move

Crypto analyst Stockmoney Lizards has provided an update on the current Bitcoin price action, predicting that the flagship crypto could...

Scott Matherson 6 hours ago
XRP

XRP Reacts Powerfully After Precise Touch Of The $2.07 Fib Zone

XRP showed a powerful technical reaction after dipping precisely to the $2.07 Fib confluence zone, where multiple key levels aligned...

Godspower Owie 8 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Strong Ethereum Accumulation Detected: LTH Buying Heavy During June Consolidation

Strong Ethereum Accumulation Detected: LTH Buying Heavy During June Consolidation

Sebastian Villafuerte 47 minutes ago
Bitcoin

Pundit Warns Bitcoin Is Setting Up Liquidity Traps As It Campaigns For New ATHs

Scott Matherson 2 hours ago

免費比特幣空投獎勵引爆加密社區熱潮 BTCBULL預售倒數最後今日!

Mark Mak 5 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨プレセール残り24時間で800万ドル目前 次の100倍銘柄となるか?

    ...

    9 hours ago
  • 1ドル以下で注目される仮想通貨おすすめ、Solana系トークンに割安銘柄あり?

    ...

    9 hours ago
  • Най-добрите криптовалути преди...

    10 hours ago
  • リップルとSECの訴訟終了後に注目すべき新しい仮想通貨プロジェクトとは

    ...

    10 hours ago
  • BTC

    仮想通貨 おすすめ:BTC Bull...

    10 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.