Positive momentum in the bitcoin market continued last week, giving fresh legs to the recent rally. The price rose another 10%, closing the week around $580. The price of bitcoin is now up nearly 30% since May 27th.
With regards to technicals, the market broke through a key resistance level at $570 last week. The price peaked around $590 on most major exchanges, coming close to testing the critical $600 resistance area before retreating.
Source: tradingview.com
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Bitcoin Price Outlook for the Week of June 6th
Over the last three days, price has been consolidating in a tight range and looks poised to test $600 in the week ahead. This will be a significant test for the long-term sustainability of the recent bull run.
The MACD and RSI remain bullish, however, there has been a divergence between these and the Money Flow Index (MFI). While this is something to watch going forward, the bull case still remains intact in the near-term.
Looking ahead to this week, short term support levels can be found at $563 and around $550 with $600 being the aforementioned critical resistance level. As we noted in last week's bitcoin price outlook, volatility is back in a big way. Bitcoin traders should continue to expect large price swings in the market over the near-term.
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*All data and references are current as of 12:00PM EST on 6/6/2016.
