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Technical Analysis for BTCUSD for 22nd June 2023

Bitcoin Explodes; BTC May Break $31k as Bulls Flow Back

Past Performance of BTC

Bitcoin is up nearly 21% in a week. From the daily chart, buyers are firmly in control, and the coin is likely to not only breach $31k but register new 2023 highs in continuation of the buying pressure from late Q1 and early Q2 2023. As it is, every low may offer entries for optimistic buyers angling for even more gains in future sessions. The first target is at $32.5k and $35k in the medium term.

Bitcoin Technical Analysis

Buyers have the upper hand, and the bull bar of June 21 is wide-ranging, pointing to buyers. Therefore, based on the formation in the daily chart, every attempt lower may offer entries for buyers to double down. The immediate support is $30k, while resistance is $31k. There were attempts for lower lows on the tail end of June 21. Overall, the uptrend remains provided prices are above $30k and with further support that prices are riding along the upper BB.

What to Expect from BTC

The long-term trend, following gains from March to April, is bullish. As it is, the past week's surge is a reversal from recent support levels and may anchor the next leg up toward $31k or better.

Resistance level to watch: $31k

Support level to watch: $30k

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

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