Disclaimer: This price prediction should materialize in the next 48-hours.
Between 24th June 7:00 UTC to 25th June 3:00 UTC, Bitcoin witnessed a massive depreciation of 6.92 percent as BTC value stretched from $9657 to $8989. At press time, Bitcoin was back above $9000 for the time being but continued to meditate under the resistance of $9333.
The last time Bitcoin dipped below $9000 was 10 days ago on June 15th.
Bitcoin 1-hour chart
After dropping below $9559 on 11th June, Bitcoin’s price movement has been plagued by bearish momentum but resistance has been displayed by the bulls as well. A continuous period of re-test was observed between 15th June and 17th June, however, after that, the asset witnessed oscillation between the trendlines of a descending channel.
With the possibility of a bullish breakout approaching, BTC broke above $9333 resistance on 22nd June and managed to sustain a position above $9559 as well. The high position was short-lived as Bitcoin illustrated the formation of “Bart Simpson” pattern, and slid under the support of $9333 once again.
At the time of the press, Bitcoin consolidates under the aforementioned resistance but historically, Bitcoin’s current price range has been a temporary range for the asset.
In line with that, Bitcoin will possibly undergo another rally over the next 48-hours, which should allow the asset to breach above $9333 once more but since bearish momentum had an equal grip on the price, another decline towards support at $8933 is also a possibility.
For Bitcoin, the overhead resistance has kept on dropping in the month of June, with lost battles at $9700, $9550, and now at $9333. Hence, it is likely that Bitcoin may drop under $9000 once again in the charts.
Although MACD continued to adhere to a bullish narrative for Bitcoin, Relative Strength Index or RSI suggested that selling pressure had the upper hand and it would possibly dictate the trend in the near future.
Bitcoin will possibly re-test resistance at $9333 or drop down to support at $8933 in the next 48 hours.