Technical Analysis for BTCUSD for 7th June 2023
Bitcoin Unexpectedly Peels Back Losses, BTC Back to $30k?
Past Performance of BTC
Bitcoin Technical Analysis
The SEC crackdown is turning out to be a bullish event for BTC and other top crypto assets. From late June 6, prices have been pumping higher. This has seen bulls reverse losses of June 5. Still, whether this will continue largely depends on today's confirmation. Any close above $28.3k, the immediate buy trigger line, could draw more demand, forcing BTC towards $30k and later $31k. Notice that BTC remains bullish, with the current price action defined by gains from mid-March to April. This outlook will only change should there be a high volume dump below $25.8k; a development that wasn't confirmed on June 6.
What to Expect from BTC
BTC is back in the initial bullish range. Prices remain volatile, but buyers appear to be back. Still, how fast the coin will edge higher depends on if there is a comprehensive close above $28.3k. This will confirm gains of May 28 and may rejuvenate demand, pushing BTC towards $30k and better.
Resistance level to watch: $28.3k
Support level to watch: $26.5k
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