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

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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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