Bitcoin rose 2.39% to $37,568 on Wednesday, June 2. The price action rose as high as $38,225 but then retreated to $37,291 by the close. Bitcoin traded up to $39,039 in Asian trading on Thursday, with no bullish news driving the gains.
The current price is $38,793. The BTCUSD pair is currently trading in a triangle formation. Over the past 102 hours (4 days and 6 hours) the price has pared 76.4% of its decline from $40,841 to $33,379. The growth time took 16% longer than the fall lasted (88 hours). Actually, it should be the other way around.
The market continues to see subdued buying. For a confident recovery to take hold, the bulls will need to break out of stop losses on short positions placed above $40,000. If the bears manage to hold the $39,079-39,751 range, the bulls will have to bolster their positions to defend the $37,200-37,500 range. It is a support range for them to regroup, as they are close to breaking out of the triangle formation. It’s alarming that the price action is moving higher in the absence of volumes. Against this backdrop, an attempt to break out of the $40k level could fail.
If the bears fail to hold $40,000, we can expect to see the $46,000 level (50% of the decline from $64,854 to $30,000).