This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 1st July 2022

Bitcoin is Fragile, BTC Crashing Below $20k Swings Price Action for Bears

Past Performance of BTC

Bitcoin closed in red in June following sharp reversals on June 30. With a clearly defined trend and prices trading within a bear breakout formation in higher time frames, BTC may post more losses in the days ahead. Currently, BTC is down three percent versus the USDT and below the psychological support level of $20k.

Bitcoin Technical Analysis

From the daily chart, bears are in control following losses below $20k and $19.5k on June 30. Furthermore, the failure of bulls to tame bears, dropping below the $20k level, points to strong liquidation pressure. This is regardless of buyers of early July 1.

Accordingly, even though buyers may expect a refreshing recovery as per today's hints, the probability of more losses is high. The retest of $22k, coinciding with the 78.6 percent Fibonacci retracement level and pullback at the back of rising trading volumes from June 26, suggests weakness on the side of buyers. 

Based on this setup, traders may find unloading opportunities on every high towards June 30 as sellers target 2022 lows at $17.6k in the short term. Conversely, any upswing above $22k will nullify this bearish preview.

What to Expect from BTC

Bitcoin is under pressure at spot rates and could register new 2022 lows if sellers press on. As per the formation in the daily chart, the immediate resistance levels stand at June 30 highs and $22k on the upside. An unexpected rally above $20.3k, on the other hand, could see BTC float higher.

Resistance level to watch: $20.3k

Support level to watch: $17.6k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020