On the last day of June, Bitcoin has managed a minor rally by gaining more than $500 in 24 hours. Unless a significant market downturn occurs, the top-ranked cryptocurrency may end the first half of the year trading at $6,500. Thus, BTC could begin to push for the $6,700 and $6,900 resistance levels. Today’s surge is the latest in a series of dips and spikes for BTC this month. While critics still doubt the viability of the most popular crypto as an investment asset, one particular chart might provide information that could be of some comfort to BTC “permabulls”.

The BTC price at the start of the day stood at just under $6,000. The top-ranked crypto had slipped the previous day to below $5,835, setting a new 2018 low.

Today, however, BTC experienced two significant spikes in a little over six hours – first from $5,900 to $6,200 and then from $6,200 to $6,400. Since 2 AM UTC, the price has hovered between $6,300 and $6,400. Bitcoin bulls will be hoping it can climb above the $6,500 mark, ending the month on a somewhat good note.

If Bitcoin manages to move past $6,500 it will be still traded at $1,000 less than its value at the start of June 2018. BTC began the month in the $7,500 region and more or less held that level until the middle of June. First came the U.S. government investigation into potential price manipulation activities, soon followed by the Coinrail hack. Prices tumbled in a matter of hours, losing $1,000 in the process.

Since the middle of the month, BTC has dipped a few more times. Bithumb was hacked last week and Bitcoin set two new 2018 lows in quick succession.

In a related development, it appears that there may be hope on the horizon for Bitcoin. Based on the Williams Percentage R (WLPR) indicator, the leading cryptocurrency is set for a massive price upswing. The WLPR indicator is useful for determining whether a product is oversold or overbought. Currently, Bitcoin is the oversold region of the chart at -80. At such a level, most analysts believe that a price reversal that will see BTC probably go on a sustained bull run is imminent.

In a dismal year for Bitcoin, one technical gauge suggests investors may be in for a reprieve https://t.co/3fYIrkdOGg pic.twitter.com/H1DxCen0P4

— Bloomberg Markets (@markets) June 29, 2018

In April 2018, the same chart accurately predicted an imminent price drop for BTC. At the time, Bitcoin was in the overbought region. The next day, BTC slipped by four percent.

The post Bitcoin Rallies to $6,400 as Market Indicator Predicts Major Price Push appeared first on UNHASHED.

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