Bitcoin Technical Analysis Report | 19th-June-2023

The bears missed out on an opportunity as they were unable to keep Bitcoin below the $25,000 level this week. This lack of sustained downward movement may have prompted the bulls to step in and attempt to initiate a recovery in Bitcoin and a few Altcoins. Bitcoin is expected to conclude the week with a slight gain of 2%, and institutional buying in the Grayscale Bitcoin Trust has led to a reduction in the discount to Bitcoin spot price. The discount decreased from 44% on June 13 to 36.6%, as per the available data. The global volume is down by almost 20% while the dominance is at 48.15%.

At the time of writing BTC was trading at $26,445.

BTC Daily Chart-19th June 2023
Bitcoin (BTC) Chart

Bitcoin made a ‘Doji’ candle at the recent top of $31,000 (on 15th April) indicating indecision in the trend and has been trading in a downtrend since then. The prices corrected almost by 20% and have made a low of $24,800. It broke the key support level of $25k. However, the prices did not sustain below the support and the bears failed to give a daily closing below $25,000. The asset has very strong support at the key level of $25,000 (Horizontal Trendline, 50% Fibonacci Retracement level and 200 Day Moving Average) and it bounced from the support. To witness a rally, BTC needs to break and close above the key resistances of $28,500 and $32,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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