Technical Analysis for BTCUSD for 13th June 2023
Bitcoin Volatility Low, BTC Finds Psychological Support around $25k
Past Performance of BTC
On the back of shrinking liquidity and low participation, BTC prices are steady when writing but within a bearish formation. Though prices are above $25k, the critical support line of the current bull flag, the failure of prices to pump higher above $26.5k and $27.3k is a concern. Based on this formation, traders should wait on the sidelines until a clear trend emerges from the current consolidation. Any uptick above recent highs may spark demand, lifting the coin to new levels. Conversely, a break below support may heap more pressure on BTC.
Bitcoin Technical Analysis
Overall, sellers have the upper hand in the short term. It is despite the rejection of lower lows over the weekend. For the uptrend to remain, traders must push prices above $26.5k and $27.3k in the near term. If this is at the back of increasing volumes, buyers of June 6 will be validated, possibly driving demand. On a more cautious outlook, any contraction below $25.3k and, ideally, $25k, may see BTC drop to $22.5k in a bear trend continuation formation from mid-April. With these formations likely, conservative traders can wait for a clear trajectory to emerge before engaging.
What to Expect from BTC
The existing sentiment is bearish for Bitcoin and could dampen participation in the days ahead. This can, in turn, shape how the immediate trend will be. Overall, the top-down preview supports bulls though there must be a convincing breakout above $27.3k for this to take shape.
Resistance level to watch: $27.3k
Support level to watch: $25.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.