Bitcoin is traded at the levels of last Friday, no changes for the week

Well, the current five-day period is coming to an end, as the Bitcoin market remains at the same levels, and even declines somewhat under the pressure of sellers. Shortly before the start of American Friday trading, Bitcoin is trading at around $7389, and has not realized any expected upward impulse.

Bitcoin struggled to make the upward movement, following the Ether market, which gained up to $585 from $491 during the week. The total capitalization of the cryptocurrency market has slightly increased, from $330 billion to $333 billion, by about 1 percent.

Exactly one week ago, on May 25, the price of Bitcoins traded around the level of $7341. Today, as of June 1, the Bitcoin price is trading around $7377. Over the past five trading sessions, the main digital currency market has remained in the range of $7022 to $7585, struggling to record any major or minor movement in both upward and downward movement.

Based on the market's behavior this week, it is unlikely that Bitcoin will return to previous support levels at $10000 and $12000 any time soon. Moreover, Bitcoin was unable to quickly reach the level of 7800-8000 dollars over the past several days, despite favorable technical and non-market factors (an increase in demand for Bitcoins amid massive sale-off on global stock markets).

If Bitcoin can exceed the $8500 mark in the next few days with a strong surge in volume, the market may be able to break its downward trend line. However, without strong gain, it is unlikely that Bitcoin will initiate volume increase in the short term.

Technically, $7000 - $7300 zone is a strong support zone. This was proved by the past five days. At the same time, there are still risks of market drop in the area of ​​the next support of $6500.

FortFS