Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside By Cointelegraph


Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside

‘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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BTC/USDT 1-day chart. Source: TradingView
4-hour chart. Source: Twitter (NYSE:)
BTC/USD 2-hour chart. Source: Twitter
BTC/USD 1-week chart. Source: Twitter
BTC/USD 1-week chart. Source: Twitter