Bitcoin Rainbow chart predicts BTC price for June 1, 2025
Bitcoin’s (BTC) Rainbow Chart has issued fresh insights into how the asset will likely start June, just days after clinching a record high. Notably, this comes as Bitcoin’s bullish run has hit a bump. The asset lost the $110,000 support after briefly soaring above an all-time high of above $111,000 mid-week, a surge driven largely by institutional capital inflows. As of press time, Bitcoin was trading at $107,498, down 1.2% in the last 24 hours but up nearly the same value over the past week. Bitcoin seven-day price chart. Source: Finbold Amid the current momentum, Bitcoin is approaching overbought territory as the 14-day relative strength index (RSI) reads 63. However, the short- and long-term outlooks remain bullish, with the 50-day and 200-day simple moving averages (SMA) sitting lower at $94,730 and $86,569, respectively. Bitcoin price prediction for June 1 The Bitcoin Rainbow Chart, using a logarithmic growth curve to illustrate in...