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The king of cryptocurrency Bitcoin BTC just took another dip, and the Bitcoin price briefly went down below the $9000 mark for the second time in the past two months. However, the strong support levels are holding the cryptocurrency above the $9000 mark despite having a bad day.
Bitcoin price chart by Trading View
Bitcoin price moved between the $9473 and $9250 marks throughout the 14th of June; however, the price started declining as the day started on the 15th of June (GMT time). The king of cryptocurrency kept declining on the charts until it hit the $8906 mark.
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Bitcoin price varied near $9450; what to expect?
Bitcoin price chart by Trading View
At the time of writing, Bitcoin price stands at $9069 mark, whereas the charts display what appears to be a small reverse head and shoulder pattern that kept the BTC price above the $9000 mark.
Bitcoin price movement: What to expect?
Trading View analyst Meravi believes that the Bitcoin price is still aligned with the S&P 500 movement, and the short term reversal would go away soon.
Bitcoin price chart by Trading View
Meravi explains that the $9049 mark is serving as strong support, and the king of cryptocurrency has already moved past a Golden cross in February, followed by a Death cross in March. The analyst furthers that the May 2020 Golden cross has been observed, and the Bitcoin price may go into a reversal pattern.
However, he also believes that the recovery would take the cryptocurrency price up to the $9800 mark even if not past the $10000 psychological limit that has been seen as a crucial breakthrough time and again.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.