Will Bitcoin Continue Its Upward Movement? June 16 BTC Analysis

  • Bitcoin price encountered selling pressure at the resistance level of $25,750 and performed a downward movement.
  • If BTC price manages to rebound from the range of $25,145 – $24,981, the upward target is $26,100.
  • Bitcoin can sustain its upward trend by closing daily above the level of $24,600.

When examining the technical chart of Bitcoin, it can be observed that BTC price entered a downward movement due to selling pressure at the resistance level of $25,750. However, if it manages to rebound from the range of $25,145 – $24,981 and achieves daily closings above the level of $24,600, Bitcoin can continue its upward trend.

Medium-Term Bitcoin Price Analysis

Daily BTC/USD Price Chart

When examining the daily price chart of Bitcoin, it can be seen that it reacted with an upward response from an important weekly support level and achieved a 4% increase from the mentioned region in yesterday’s analysis.

According to the current technical chart, as long as BTC price continues to close daily above the level of $24,600, it can sustain its upward movement towards the mentioned levels of $28,000 in the analysis.

For Bitcoin price to initiate its upward trend, it needs to break the resistance of $26,400 and achieve daily closings above it.

If it remains above the level of $24,600, Bitcoin can start its upward trend from weekly support levels.

However, if BTC price breaks below the level of $24,600, it can extend its downward movement towards the level of $24,000.

Short-Term Bitcoin Price Analysis

30-Minute BTC/USD Price Chart

30-Minute BTC/USD Price Chart

When examining the short-term technical chart of Bitcoin, it can be seen that it realized the price movement mentioned in our btc analysis shared on our website yesterday.

Click Here to Read the BTC Analysis We Shared Yesterday.

When examining the technical chart of Bitcoin, it can be observed that if the BTC price does not achieve 30-minute closings above the level of $25,750 indicated by the red line in the analysis, it can continue its downward movement towards the range of $25,145 – $24,981.

If BTC rebounds from the range of $25,145 – $24,981, it can set its upward target at the level of $26,100.

However, if Bitcoin achieves closings below the level of $24,980, it can extend its downward movement towards the level of $24,850.

BREAKING NEWS

WEEX “Coin Holding Yield” Draws 10,000+ Users in 6 Days — Meets Demand for Secure, Stable Crypto Returns

On October 7, official sources confirmed that WEEX launched...

Binance Alpha Users with 211+ Balance Eligible for Klink Finance (KLINK) Exclusive TGE — Participation Costs 15 Points

On October 7, official sources confirmed that eligible users...

Bitcoin: 99.4% of Supply in Profit as Short-Term Holders Target $133,000 — CryptoQuant’s Axel

According to CryptoQuant data shared by analyst Axel and...

Ethereum Holdings Surge Past 10% as Treasuries and Spot ETFs Accumulate 12.48M ETH (10.32% of Supply)

According to data from strategicethreserve cited by COINOTAG News...

Bitcoin Leads Market Sentiment as Fear & Greed Index Hits 70 (“Greed”) — BlockBeats News, October 7

COINOTAG News reported on October 7 that Alternative Data...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img