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Technical Analysis for BTCUSD for 27th June 2023

Bitcoin Uptrend Holds, Bulls in Charge above $30k

Past Performance of BTC

The uptrend is slowing down, but buyers have the upper hand despite the contraction. As it is, BTC buyers are trending at around 2023 highs and can edge even higher above $31k and to $35k in a welcomed expansion. The immediate support is at $30k, while the buy trigger is $31.3k. A conclusive close above last week's high and strong rejections of lower lows from spot rates could propel the coin to new H2 2023 levels.

Bitcoin Technical Analysis

The path of least resistance is northwards, and bulls, despite the rejection of higher highs, have support above $30k and $28.3k on the lower end. The June 21 high-volume, wide-ranging bar anchors the current formation. Since recent bear bars have light volumes, every low above $30k and, ideally, $28.3k are entries for aggressive, risk-off buyers targeting $32.5k. This forecast holds from an effort-versus-result perspective. It will be null only once there are sharp losses below $28.3k at the back of expanding volumes exceeding those of June 21, the leading bar of the current formation.

What to Expect from BTC

Buyers are optimistic and pumped by fundamental factors. This confidence holds provided prices are trending above immediate support levels and the lower low bars are with light trading volumes. Any upswing above last week's highs could propel BTC to new 2023 territory.

Resistance level to watch: $31.3k

Support level to watch: $29.8k, $28.3k

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

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