Bitcoin is teasing short-term bearish reversal at the onset of the historically good month of June.
The premiere cryptocurrency is currently trading at $8,300 – down 4.5 percent on a 24-hour basis – after having hit a new 12-month high of $9,097 on Thursday.
The rise above the psychological level of $9,000 was short-lived, as expected, with prices falling back to $8,600 by 16:15 UTC. The cryptocurrency went on to hit an intraday low of $8,000 before printing a UTC close at $8,378.
The sudden $1,100 pullback from one-year highs ended up engulfing the price action seen in the previous three trading days – a sign of buyer exhaustion.
Further, prices closed below the key support of $8,390 (May 16 high), invalidating the bullish higher high established above that level on May 26.