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Technical Analysis for BTCUSD for 29th June 2022

Bitcoin Flatlines amid Optimism, will BTC Hold above $20k

Past Performance of BTC

Bitcoin prices are still within a narrow trade range at spot rates. The rejection of lower prices on June 28 is bullish for prices, reinforcing bulls' optimism. Still, there must be solid, wide-ranging gains in the coming few days for a clear trend definition. In the short term, the Bitcoin uptrend is valid as long as prices are above $20k, a psychological level, and $19.7k, the June 23 lows. Currently, Bitcoin is steady in the last trading day and week.

Bitcoin Technical Analysis

As per the Bitcoin candlestick arrangement in the daily chart, BTC prices are steady, floating above the $20k level. While buyers stand a chance, there must be a conclusive close above $22k—last week's highs—and later, $23k for confirmation of the bullish engulfing bar of June 19. Nonetheless, at spot rates, traders may find entries in lower time frames, loading the dips above $20k and $19.7k with targets at $22k and $23k. A sharp, unexpected flash crash below the lower limit of our support zone will invalidate the bullish preview for Bitcoin.

What to Expect from BTC

Buyers are optimistic. The problem is that trading volumes are relatively low. Moreover, buyers have not been able to close above $22k, the first liquidation level. Still, that prices are steadying above the psychological support level at $20k is bullish for traders.

Resistance level to watch: $22k

Support level to watch: $20k

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

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