Bitcoin Price Forecast – June 09, 2017

Bitcoin has been having a bearish time over the past 24 hours as the investors and the traders chose to focus on the happenings in the different parts of the world which dominated the headlines yesterday. We also saw a slight strengthening in the value of the dollar which has placed the bitcoin prices under pressure. This has led to some choppy trading with no clear direction as the traders would want the dust to settle down in the markets before they chose to pick a specific direction.

Also, the bitcoin traders always suffer from a feeling that the cryptcurrency might have risen too much in too short a period of time and this feeling always tends to keep them on their toes. Also, the instrument has a lot of volatility which means that the swings are very large and happen within a small period of time. Also, with the instrument near its all time highs, the traders are a bit jittery to buy at these levels.

Forecast

The bitcoin prices are likely to continue higher and the fact that it is very similar to gold in more ways than one makes it a precious instrument as far as the cryptocurrency world is concerned. It is likely to face a lot of resistance in the 2845 region and this region is likely to be a tough nut to crack. As said earlier, with the prices being close to their all time high levels, there would not be many buyers queuing up at these levels. This is likely to weigh on the bitcoin prices in the short term but with only 21 million of this currency available, the only way is up as long as the instrument is able to maintain its stability.

So look for some selling to come in at the region between 2845 and 2850 and we are likely to see a lot of buying in the 2700 region which should lend some strong support for now.