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Technical Analysis for BTCUSD for 28th June 2023

Bitcoin Soaks Selling Pressure; Will BTC Rally Above $31.3k?

Past Performance of BTC

Bitcoin is roughly 20% from June 2023 lows and resilient, soaking selling pressure, looking at the performance in the daily chart. Even though there were attempts for lower lows, prices are firm above the $30k psychological level and $29.8k. Meanwhile, the coin is defying selling pressure and may break above $31.3k in the days ahead in a buy trend continuation formation.

Bitcoin Technical Analysis

Traders are upbeat, but BTC, at the moment, remains inside a horizontal range with caps at $31.3k and $29.8k support. Unless there is a comprehensive, high-volume close above last week's highs, conservative, risk-on traders can wait for trend definition. Only after then can they search for loading entries to buy on dips in a buy trend continuation formation that could lift BTC towards $32.5k. Even so, BTC remains within a bullish formation, and the contraction from last week has formed a minor bull flag. The uptrend will be valid if prices are inside the June 21 to 23 trade range.

What to Expect from BTC

Risk-off traders can load on dips, expecting Bitcoin to resume the uptrend. Traders are bullish, but this can change if the upside momentum is not sustained above the $29.8k primary support level.

Resistance level to watch: $31.3k

Support level to watch: $29.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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