This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

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.

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 Amsa LLC (CryptoAltum) 2020