‘s (BTCShort-term price movements have been controlled by whipsaws around $31,000-32,000. The June 6 reverse at this level triggered an immediate sell-off which drove the price to $29,200.

Surprisingly the Bitcoin price reversed its course on June 7. Bitcoin rallied to $31,500. However, given the rejection at this level, traders will likely proceed with caution, and not expect an immediate surge to $35,000.