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Technical Analysis for BTCUSD for 9th June 2023

Bitcoin Accumulates, BTC Finds Strength above $26k

Past Performance of BTC

Bitcoin remains stagnant at spot rates, technically bullish, but traders need confirmation above $28.3k before ramping up. The critical resistance level is $ 28.3k to $28.5k zone. On the lower end, the zone between $25.8k and $26.5k offers support. For the uptrend to resume, there must be a high-volume, wide-ranging confirmation of the June 6 bull bar. In that case, BTC could float higher to $30k and even $31k in a retest of April 2023 highs. Conversely, a drop with the same rapidity could quickly push BTC to $20k.

Bitcoin Technical Analysis

The daily chart shows buyers are confident, and prices are stuck inside a bull flag. However, the failure of higher highs means buyers are not confident, or the underlying momentum is fading. For this reason, risk-averse traders can wait on the sidelines until a precise signal forms. That will be a comprehensive, wide-ranging, high-volume close above $28.3k. The bar will align with buyers from mid-March and confirm strength from May 28 and June 28. If bears press on, how prices react at June 5 lows will shape the short to medium-term formations.

What to Expect from BTC

Traders are overly bullish, but how fast prices will tear higher depend on the underlying momentum. Prices are within a bullish formation, with caps at $28.3k and $30k on the upper hand. A break above this zone could propel BTC to new weekly highs in a significant boost for optimistic buyers.

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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