Bitcoin Bull Run Marches On: Is $600 Next?


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.





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.

Elizabeth Hamilton is the Director of Trading at itBit. She manages itBit's OTC agency trading desk, working closely with OTC traders through settlement. Elizabeth has been trading and performing market analysis in the bitcoin space since 2013. Prior to joining itBit, she worked at Noble Markets helping to design and build the firm's proprietary crypto-asset marketplace. She also performed primary research on bitcoin and emerging digital currency markets while at ARK Investment Management. Elizabeth holds a bachelor's degree in Physics from Swarthmore College.


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*All data and references are current as of 12:00PM EST on 6/6/2016.

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