Bitcoin Technical Analysis Report | 26th-June-2023

Bitcoin hit a fresh 52-week high on June 23, signalling that the bulls are on fire. Buyers have managed to hold onto much of the gains made throughout the week, suggesting they are in no rush to book profits. Bitcoin is up 16% this week, outperforming the S&P 500 Index, which fell 1.39%. Bitcoin has been trading near the $31,000 level for the past four days. This suggests that the bears are protecting this level, but the bulls have not given up. Typically, tight congestion near a major resistance level tends to resolve to the upside. The global volume is up by more than 5% while the dominance is at 49.9%.

At the time of writing BTC was trading at $31,455.

Bitcoin Daily Chart | 26th June 2023
Bitcoin (BTC) Chart

BITCOIN after correcting almost by 20% from $31,000 to $24,800 took support at the key level of $25,000 ( Horizontal Trendline, 200 Day Moving Average & 50% Fibonacci retracement Level) and started moving upwards. The prices rallied almost by 26% and made a high of $31,431 within nine trading sessions. The asset broke the previous top of $31,000. However, it failed to sustain and give a daily close above that level. Currently, the asset is consolidating above $30,000 by making small candles. $32,500 will be the major hurdle for the Bulls. If BTC breaks, closes and sustains above the key resistance then we can expect further rally whereas $28,500 will act as a strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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