Bitcoin Forecast: BTC Remains Range-Bound, Clinging to 34,000$ Per

 


Bitcoin has experienced a year of turbulent moves so far and driven by crowd psychology, fear and market sentiment. Although the initial rally began in October last year, former BTC enthusiast and self-proclaimed " DOGE" Elon Musk has played a major role in provoking crypto volatility, which currently remains suppressed. 

Analysis contained in article relies on price action and technical analysis. 


With low interest rate supporting demand for higher portfolio returns, crypto currencies became popular amongst both retail and institutional investors. Support the bullish narrative that captivated headlines throughout the first quarter of this year.

However, after achieving fresh, consecutive all time highs for 4 consecutive months, BTC reached a new record of 64,707 in April and bringing the exorbitant rise in crypto prices to a halt. In the aftermath an increase in regulatory and environmental concerns has enable sellers to drive BTC back towards the January low which continues to provide additional support at 28,700$