Bitcoin Price Prediction for Today June 5: BTC Price Revisits $32.4K High

Bitcoin Bulls Defend $29.3 Low as BTC Price Revisits $32.4K High – June 5, 2022

BTC/USD rebounds above the $29,907 support as BTC price revisits $32.4K high. The largest crypto is rising to revisit the $32,000 resistance zone. Since May 30, Bitcoin has been confined between the moving averages. The crypto is trading at $30,610 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $30,958.53
•Bitcoin market cap –$590,195,503,568
•Bitcoin circulating supply – 19,059,331.00 BTC
•Bitcoin total supply – $650,278,062,569
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000

On June 1 and June 3, the bears attempted to break below the $29,300 support. Bitcoin could have fallen to the low of $28,630 if the bears were successful. Subsequently, the decline would reach a low of $25,691. However, today, the BTC price has rebounded above the $29,300 support. The bulls will attempt to revisit the $32,000 resistance and sustain the bullish momentum above it. On the upside, if the BTC price rises and breaks above the $32,000 resistance, the market will rally above the 50-day SMA ( above the $35,000 high). Bitcoin will further rise to the $40,000 psychological price level if the bulls succeed in breaking above the 50-day SMA. In the meantime, the BTC price is still approaching the $32,000 high.

Bitcoin Records Lowest ATM Installations since 2019

Since January 2022, there has been a general decline in Bitcoin ATM installations across the globe. According to the report, May 2022 has the lowest record of 202 new BTC ATMs. For the past five months, Bitcoin ATM installations have fallen to 89.75% from December 2021’s 1971 new installations. Coin ATM Radar showed an evident comeback in the installation numbers as the world saw 817 Bitcoin ATMs getting installed in June. These installations were made over the past five days. Also, Coin ATM Radar’s data has confirmed that “ the United States is home to 87.9% of the total 37,826 crypto ATMs worldwide. Europe, as a continent, houses a network of 1,419 ATMs, representing 3.8% of the global ATM installations.”

BTC/USD – Daily Chart

Meanwhile, Bitcoin has begun its sideways movement in a confined range as BTC price revisits $32.4K high. The current range-bound move will be broken if Bitcoin resumes upside momentum above the $32,000 overhead resistance. Since May 12, Bitcoin has been confined in a range.

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