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Technical Analysis for BTCUSD for 9th June 2022

Bitcoin Swings in a $3.2k Zone, BTC Prices Risk Cratering to 2017 Highs

Past Performance of BTC

Bitcoin prices are back above the $30k level after the worrying dips earlier yesterday. Currently, BTC prices are stable. The ejection of lower prices from yesterday's late NY Session buoys bulls. Bitcoin is up three percent against the greenback in the past 24 hours but within a bearish formation glancing at the candlestick arrangement in the daily chart.

Bitcoin Technical Analysis

BTC's upside is limited reading from the candlestick arrangement in the daily chart. Even though buyers are confident, bears have been unwinding gains and forcing prices lower. Accordingly, the resilience of bears and the inability of bulls to crack above $32k skew price action for sellers. Risk-off traders may unload on every attempt to retest $32k with targets at $29.3k and later $28.7k. A high-volume slide below the bear flag confirms bears of early May, setting in motion the next leg down towards 2017 peaks.

What to Expect from BTC

Trading volumes have been tapering as bulls find $32k impregnable. In the days ahead, risk-averse traders may wait for clean breaks above $32k or $28.7k before committing.

Resistance level to watch: $32k

Support level to watch: $28.3k

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

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