The price of Bitcoin (BTC) has reached a stage in the bear market when investors are divided between those anticipating a relief rally, the slide to continue, and those expecting a full-fledged bull run.
Notably, Bitcoin had closed its first weekly green candle on May 30 after nine straight weeks of red candles for the flagship digital asset. With Bitcoin again forming another green candle on June 6, investors are eager to identify in which direction the digital asset will move next amongst the market volatility.
According to a prominent crypto trading analyst Michaël van de Poppe, the next crucial resistance zone for BTC is between $31,200 and $31,600. The leading analyst also stated ‘crucial support zone is holding for Bitcoin’ with the second of two support zones between $29,600 and $29,200 showing strength.