Technical Analysis for BTCUSD for 1st June 2023
Bitcoin Bears Resilient, BTC on the Loss as Gains Reversed
Past Performance of BTC
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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