Bitcoin declined by 0.51% to $33,380 on Tuesday, June 8 as price action bounced off the $31k level. The rebound was not driven by any news. The leading cryptocurrency saw demand when the price retraced to the May 23 low of $31,111. The rebound recouped over $3,000.
Although Bitcoin triggered a 10.5% rebound, buying still remains weak. To maintain the upward momentum, a steady inflow of new buyers is needed. Many investors who exceeded their risk tolerance threshold were squeezed off the market on May 19. There are few people willing to buy at a price above $30k. Once the price correction reaches 15–20%, fixing begins.
Trading volume and buying activity remain subdued, so the fight for the $30,000 support level is not over yet. If the top cryptocurrency fails to hold this key level, we could see panic selling in the $25-27k range. In order for the bulls to relieve tension in the market, the weekly candle will need to close above $36k.