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Technical Analysis for BTCUSD for 7th June 2022

Bitcoin Blows Hot and Cold, BTC Drops below $30k

Past Performance of BTC

After what promised to be a break-through for Bitcoin, prices slumped earlier today. From the arrangement in the daily chart, price action is now tuned to favor sellers. Notably, prices are back into consolidation and the bear flag, unwinding losses of June 6. Currently, the Bitcoin is down five percent versus the USDT.

Bitcoin Technical Analysis

The Bitcoin price is in red at spot rates, reading from the performance in the daily chart. Even though the expansion of June 6 was with high trading volumes, the failure of bulls to follow through and thrust prices above $32k is a cause of concern. Currently, bears are back in contention and the realignment of price action in line with the June 1 bear bar indicates weakness. Since BTC prices are still below the $32k buy trigger, risk-off sellers may unload with expectation of more losses in line with the trend set in early May 2022. Further losses below last week's trade range at $29.3k may trigger further losses toward $24k or lower in the short to medium term.

What to Expect from BTC

Bitcoin price action is both hot and cold. As per the BTCUSDT candlestick arrangement in the daily chart,  the primary trend is southwards and prices inside a broader consolidation zone with support at $29.3k. Notably, there has been no confirmation of June 6 gains, indicating weakness and the possibility of bear trend continuation.

Resistance level to watch: $32k

Support level to watch: $29.3k

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

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