#Bitcoin Unexpectedly Peels Back Losses, BTC Back To $30k?
Past Performance of Bitcoin
Bitcoin's recovery has been spectacular. Prices are higher and have reversed the losses of June 5. The coin is trading above the 26.3k to 26.5k zone, bouncing from the primary support level of around 25.8k. On June 5, following fundamental events, BTC dropped to as low as 25.9k. However, with prices back to the trading range, traders should watch whether there will be confirmation today. Gains above 28.3k will nullify the bearish outlook of Monday, setting the base for another leg up toward 31k.
#Bitcoin Technical Analysis
The SEC crackdown is turning out to be a bullish event for BTC and other top crypto assets. From late June 6, prices have been pumping higher. This has seen bulls reverse losses of June 5. Still, whether this will continue largely depends on today's confirmation. Any close above 28.3k, the immediate buy trigger line, could draw more demand, forcing BTC towards 30k and later 31k. Notice that BTC remains bullish, with the current price action defined by gains from mid-March to April. This outlook will only change should there be a high volume dump below 25.8k; a development that wasn't confirmed on June 6.
What to Expect from #BTC?
BTC is back in the initial bullish range. Prices remain volatile, but buyers appear to be back. Still, how fast the coin will edge higher depends on if there is a comprehensive close above 28.3k. This will confirm gains of May 28 and may rejuvenate demand, pushing BTC towards 30k and better.
Resistance level to watch: 28.3k
Support Level to watch: 26.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin's recovery has been spectacular. Prices are higher and have reversed the losses of June 5. The coin is trading above the 26.3k to 26.5k zone, bouncing from the primary support level of around 25.8k. On June 5, following fundamental events, BTC dropped to as low as 25.9k. However, with prices back to the trading range, traders should watch whether there will be confirmation today. Gains above 28.3k will nullify the bearish outlook of Monday, setting the base for another leg up toward 31k.
#Bitcoin Technical Analysis
The SEC crackdown is turning out to be a bullish event for BTC and other top crypto assets. From late June 6, prices have been pumping higher. This has seen bulls reverse losses of June 5. Still, whether this will continue largely depends on today's confirmation. Any close above 28.3k, the immediate buy trigger line, could draw more demand, forcing BTC towards 30k and later 31k. Notice that BTC remains bullish, with the current price action defined by gains from mid-March to April. This outlook will only change should there be a high volume dump below 25.8k; a development that wasn't confirmed on June 6.
What to Expect from #BTC?
BTC is back in the initial bullish range. Prices remain volatile, but buyers appear to be back. Still, how fast the coin will edge higher depends on if there is a comprehensive close above 28.3k. This will confirm gains of May 28 and may rejuvenate demand, pushing BTC towards 30k and better.
Resistance level to watch: 28.3k
Support Level to watch: 26.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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