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Technical Analysis for BTCUSD for 2nd June 2023

Bitcoin Soaking Sell Pressure; Will BTC Break Above $28.3k?

Past Performance of BTC

Bitcoin prices are higher when writing, soaking selling pressure from yesterday. It remains to be seen whether prices will float higher. Sellers have the upper hand if prices stay below the $28.3k reaction level. Based on this formation, traders should wait for a clear trend definition, aware that gains above $28.3k and ideally $30k on the upper hand and $25.8k on the lower end could shape the medium-term trend.

Bitcoin Technical Analysis

Overall, there is a glimmer of hope for bulls since the immediate trend is, after all, bullish from a top-down preview. The current trend is defined by the buying trend from March to April. Therefore, Bitcoin bulls have a chance only once there is a comprehensive close above the liquidation zone at $30k and $31k. The $28.3k level is the initial trigger that may anchor the leg up toward April highs. However, considering the failure of bulls to press on and comprehensively reverse recent losses, there is a chance that BTC may collapse below the clear support level of May despite today’s gains. Therefore, conservative traders can steer clear and wait for a breakout before initiating trades. Any loss below May lows could see BTC drop to as low as $22.5k.

What to Expect from BTC

The path of least resistance is upwards, from a top-down preview. An optimistic outlook shows that a close above $28.3k will confirm buyers of May 28, possibly setting up buyers for the next leg up to $30k in a mini-rally, an opportunity for aggressive buyers. This will be canceled once the sellers breach May 2023 lows.

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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