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Technical Analysis for BTCUSD for 1st June 2023

Bitcoin Bears Resilient, BTC on the Loss as Gains Reversed

Past Performance of BTC

Bitcoin prices are lower when writing, dropping from yesterday's lows as gains of May 28 are strongly reversed. Even though the upside remains, at least from a top-down preview, the loss below $27k should be a concern for holders. For now, conservative traders should track how today's close will be. If it closes below $27k, the odds of further dips toward $25.8k will be increased.

Bitcoin Technical Analysis

At spot rates, BTC remains inside a broad trade range. On the upper end, resistance is at $30k and $31k. Meanwhile, support is at $25.8k on the lower end. As prices oscillate, the BTC price action is in a trading range. However, the primary trend remains to be upward from a top-down preview. Based on this, risk-on traders can wait for a conclusive close below $25.8k before loading, aware that any gains above $28.3k and $30k nullifies this preview, allowing buyers to resume their uptrend and mirroring March to April trade range.

What to Expect from BTC

As bears press on, BTC will likely drop lower towards the primary support range, mirroring losses of mid-April. How prices react at this level will determine the short to medium-term trajectory. A sharp breakout below $25.8k may trigger a sell-off pushing BTC toward $22.5k.

Resistance level to watch: $28.3k

Support level to watch: $25.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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