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Technical Analysis for BTCUSD for 24th June 2022

Bitcoin Consolidates above $20k as BTC Bulls Soak in Selling Pressure

Past Performance of BTC

Bitcoin is moving within a tight $1k zone with caps at $20k on the lower end and $21k as resistance, per the daily chart arrangement. Even though buyers are confident, the failure of bulls to follow through and breach this week's highs and $23k places the current formation in the hands of sellers. At spot rates, BTC is up two percent in the past 24 hours, steadily soaking in selling pressure.

Bitcoin Technical Analysis

From a top-down analysis, bears are in control. The current recovery could be a dead cat bounce and another chance for aggressive sellers to double down. This preview is valid only if prices are below $23k, a critical liquidation level. As prices consolidate inside the June 19 bull bar with decent trading volumes, risk-off traders may load provided prices are trading above the $19.5k and $20k zone. A break above $21k and later $23k confirming June 19's gains may see BTC float higher towards $26.7k.

What to Expect from BTC

Sellers are solid from a top-down analysis. Even though bulls are confident, price action is skewed for sellers, provided prices are below $23k, and associated trading volumes are relatively low. In the short term, traders should watch the reaction at $20k and $21k in the days ahead.

Resistance level to watch: $21k

Support level to watch: $20k

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

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