Bitcoin bounces off six-week low

​​​Bitcoin bounces off six-week low

​Bitcoin bullish scenario:

​Bitcoin is in the process of bouncing off Sunday's $98,330.30 low which was made close to its downtrend channel support line.

​A daily chart close above Friday's $103,413.63 high is needed for the bulls to be short-term back in control.

​A rise above the next higher 55-day simple moving average (SMA) at $104,154.75 would likely lead to last week's high at $106,531.22 being eyed. It and the 3 June high at $106.843.92 need to be exceeded for the last month's corrective phase to have ended. While Sunday's low at $98,330.30 holds, this may well be the case.

​A daily chart close above the May and current June highs at $110,617.03-to-$111,965.80 would put the 261.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, comes in at $122,056.92 on the cards.

​Bitcoin bearish scenario:

​Failure at $98,330.30 would probably put the 200-day SMA at $95,987.45 on the map, together with the 2 March high at $95,150.47.

​Further minor support sits between the late April-to-May lows at $93,450.20-to-$92,902.11.

Bitcoin daily candlestick chart

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