May 30 was a record day for the main cryptocurrency, the price has broken through $ 9000, this figure has updated the annual maximum. After growth, the expected correction came, which lowered the rate by 5%. Now the price remains at around $ 8200- $ 8300. An analyst at CoinDesk Markets expressed his fears that bears could push the market and the rate would drop to $ 7,350.
If you look, July has always been a favorable month for Bitcoin. The overall chart shows a bearish divergence, which means that June can be a bad month for Bitcoin.
Yesterday's correction indicates that the market is changing the trend from bullish to bearish. According to the analyst, a decline to the 30-day MA will be quite likely if the daily UTC candle closes below $ 8100.
The RSI indicator shows that a bearish divergence has again formed, which greatly influences the trading volume.
If at best, a 30-day MA can withstand this serious pressure, then in June we will see a more positive picture of the cryptocurrency market.