Bitcoin does not lack for supporters as there have been plenty of bullish calls on the cryptocurrency in recent weeks. Some crypto market observers have opined bitcoin could reach new highs this year, but those are just projections. In financial markets, price matters and bitcoin’s price has rapidly eroded since the start of May.

What’s In Store for Bitcoin This Month

“Going by the historical pattern, the cryptocurrency seems likely to turn higher in the next 36 hours or so. In this case, bitcoin could revisit triangle (narrowing price range) resistance, currently located at $9,225,” according to CoinDesk. “On the other hand, long-term technical studies are biased to the bears, which was not the case on previous occasions.”

On a technical basis, bitcoin has its work cut out for it. The largest digital currency has been laboring below its 50-day moving average, indicating it will take a lot more than a solid June 6th performance to get cryptocurrency back to bullish territory.

Some chart watchers believe bitcoin needs to reclaim the $7,800 area before the bulls regain control.

For more information on the cryptocurrency market, visit our Bitcoin category.