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Technical Analysis for BTCUSD for 7th June 2023

Bitcoin Unexpectedly Peels Back Losses, BTC Back to $30k?

Past Performance of BTC

Bitcoin's recovery has been spectacular. Prices are higher and have reversed the losses of June 5. The coin is trading above the $26.3k to $26.5k zone, bouncing from the primary support level of around $25.8k. On June 5, following fundamental events, BTC dropped to as low as $25.9k. However, with prices back to the trading range, traders should watch whether there will be confirmation today. Gains above $28.3k will nullify the bearish outlook of Monday, setting the base for another leg up toward $31k.

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

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

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