#Bitcoin Accumulates, BTC Finds Strength above $26k
Past Performance of Bitcoin
Bitcoin remains stagnant at spot rates, technically bullish, but traders need confirmation above 28.3k before ramping up. The critical resistance level is $ 28.3k to 28.5k zone. On the lower end, the zone between 25.8k and 26.5k offers support. For the uptrend to resume, there must be a high-volume, wide-ranging confirmation of the June 6 bull bar. In that case, BTC could float higher to 30k and even
31K in a retest of April 2023 highs. Conversely, a drop with the same rapidity could quickly push BTC to 20k.
#Bitcoin Technical Analysis
The daily chart shows buyers are confident, and prices are stuck inside a bull flag. However, the failure of higher highs means buyers are not confident, or the underlying momentum is fading. For this reason, risk-averse traders can wait on the sidelines until a precise signal forms. That will be a comprehensive, wide-ranging, high-volume close above 28.3k. The bar will align with buyers from mid-March and confirm strength from May 28 and June 28. If bears press on, how prices react at June 5 lows will shape the short to medium-term formations.
What to Expect from #BTC?
Traders are overly bullish, but how fast prices will tear higher depend on the underlying momentum. Prices are within a bullish formation, with caps at 28.3k and 30k on the upper hand. A break above this zone could propel BTC to new weekly highs in a significant boost for optimistic buyers.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin remains stagnant at spot rates, technically bullish, but traders need confirmation above 28.3k before ramping up. The critical resistance level is $ 28.3k to 28.5k zone. On the lower end, the zone between 25.8k and 26.5k offers support. For the uptrend to resume, there must be a high-volume, wide-ranging confirmation of the June 6 bull bar. In that case, BTC could float higher to 30k and even
31K in a retest of April 2023 highs. Conversely, a drop with the same rapidity could quickly push BTC to 20k.#Bitcoin Technical Analysis
The daily chart shows buyers are confident, and prices are stuck inside a bull flag. However, the failure of higher highs means buyers are not confident, or the underlying momentum is fading. For this reason, risk-averse traders can wait on the sidelines until a precise signal forms. That will be a comprehensive, wide-ranging, high-volume close above 28.3k. The bar will align with buyers from mid-March and confirm strength from May 28 and June 28. If bears press on, how prices react at June 5 lows will shape the short to medium-term formations.
What to Expect from #BTC?
Traders are overly bullish, but how fast prices will tear higher depend on the underlying momentum. Prices are within a bullish formation, with caps at 28.3k and 30k on the upper hand. A break above this zone could propel BTC to new weekly highs in a significant boost for optimistic buyers.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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