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Technical Analysis for BTCUSD for 23rd June 2023

Bitcoin Breaks Out, Will Traders Take Out $31k?

Past Performance of BTC

Bitcoin is firm at spot rates, adding 20% from June 2023 lows. Trading above $30k, the coin is within a bullish breakout formation, and buyers are confident. Therefore, per the candlestick arrangement in the daily chart, traders can look for entries on dips above $28.3k, expecting even more gains above $31k. Any upswing above April highs could pump the coin towards $35k or better, registering new 2023 highs.

Bitcoin Technical Analysis

The uptrend is clear, and BTC is back to the upswing of March and April 2023. Following gains, BTC is within a breakout formation, surging above a multi-week resistance trend line. At spot rates, every low above $28.3k allows aggressive traders to load up and target $31k. This preview is supported by strong underlying momentum, considering bars are banding along the upper BB. At the same time, there is high volatility looking at the divergence between the middle BB and the upper BB. As BTC prices look to break out from the bull flag, there could be an opportunity for conservative traders to explore entries with targets at $31k. A comprehensive close above April highs may offer even better entries.

What to Expect from BTC

Traders are upbeat and confident. Even so, unless BTC edges above $31k, closing above April highs, sellers stand a chance. Notice that prices are within a bull flag after the drop in May 2023.

Resistance level to watch: $31k

Support level to watch: $28.3k

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

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