FX.co ★ Short-term analysis on Bitcoin for June 8

Red lines- trading range

Bitcoin is trading above $30,000. Price continues to move sideways for more than a month with no clear direction. Over the last month price attempted to break to the upside and to the downside, but opposing forces pushed Bitcoin price back inside the trading range its been in since May. Key support remains at $28,600. Although price has traded below this level, we have not witnessed a daily close below it. Resistance remains at $31,600. Although we have seen a move above this level and a daily close above it, price swiftly turned down the next day and bulls remain unable to break above it.