Will Bitcoin Continue to Rise? June 20 BTC Analysis

• Bitcoin is moving close to the $26,900 resistance level on the 2-hour price chart.
• BTC price has experienced a sudden rise to the $27,077 levels.
• For Bitcoin to sustain its upward trend, it is important for it to achieve 4-hour candle closes above the $26,900 level.

In the past few hours, BTC price has quickly risen to the $27,077 levels. However, for Bitcoin to continue its upward trend, it needs to achieve closes above a certain level.

Short-Term Bitcoin Price Analysis

2-Hour BTC/USD Price Chart

When we look at Bitcoin’s 2-hour price chart, we observe that it is moving close to the $26,900 resistance level. In the past few hours, BTC price has reached the $27,077 levels with a sudden rise.

Based on technical analysis, for Bitcoin to sustain its upward trend, it needs to achieve 4-hour candle closes above the $26,900 level.

If Bitcoin can surpass the $26,900 resistance, it can continue its upward movement towards the $27,340 levels.

However, if Bitcoin fails to break the $26,900 resistance, it can extend its downward movement towards the $26,000 levels.

If Bitcoin cannot hold onto the support level at $26,000, it can continue its downward movement towards the $25,583 – $25,400 range.

If the BTC price falls into this support range, the $25,100 level can be used as a stop loss and long confirmations can be sought.

However, if Bitcoin reverses from the $25,583 – $25,400 support level, the upward target will be the $27,350 level.