This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 14th June 2023

Bitcoin Ranging with Shrinking Volumes, Primary Support at $25k

Past Performance of BTC

Bitcoin continues to trade under a tight trade range and above clear support and resistance levels, as evident in the daily chart. Even though there is a tinge of optimism with traders expecting the coin's fortunes to turn around, the reaction at $25k and $27.3k could shape the near-term formation of the coin. The coin's volatility is muted for now, and prices are within the June 6 bull bar.

Bitcoin Technical Analysis

In the short term, the June 6 bar is critical for the immediate trajectory of Bitcoin. On the upper end, the June 6 high is $27.3k, while support is $25.3k. This $2k range has confined the trader range of the past seven trading bars—all of which are with light volumes. Accordingly, from an effort-versus-result perspective, bulls have the upper hand. However, this preview will be null if BTC crashes below $25k with rising volumes similar to or better than June 6. Therefore, the current trend remains neutral unless there is a wide-ranging bar from the current level towards $27.3k or breaking vigorously toward $22.5k.

What to Expect from BTC

Traders are optimistic, but prices are within a tight trade range. Conservative traders can wait for breakouts above or below present reaction levels for trend definition. Before then, buyers are in charge from a top-down preview despite recent days of lower lows.

Resistance level to watch: $27.3k

Support level to watch: $25k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020