Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside
Cointelegraph
Published Jun 07, 2022 05:04PM ET
Updated Jun 07, 2022 09:00PM ET
Bitcoin's (BTC) short-term price action has been dominated by whipsaws that trigger around the $31,000 to $32,000 level and the June 6 reversal at this point triggered a quick sell-off that pushed the price down to $29,200.
Surprisingly, on June 7, the price rapidly reversed course as Bitcoin rallied back to $31,500, but given the current rejection at this level, traders are likely to proceed cautiously, rather than expect a quick surge to $35,000.
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Written By: Cointelegraph
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