#Bitcoin Soaks Selling Pressure; Will BTC Rally Above $31.3k?
Past Performance of Bitcoin
Bitcoin is roughly 20% from June 2023 lows and resilient, soaking selling pressure, looking at the performance in the daily chart. Even though there were attempts for lower lows, prices are firm above the 30k psychological level and 29.8k. Meanwhile, the coin is defying selling pressure and may break above 31.3k in the days ahead in a buy trend continuation formation.
#Bitcoin Technical Analysis
Traders are upbeat, but BTC, at the moment, remains inside a horizontal range with caps at 31.3k and 29.8k support. Unless there is a comprehensive, high-volume close above last week's highs, conservative, risk-on traders can wait for trend definition. Only after then can they search for loading entries to buy on dips in a buy trend continuation formation that could lift BTC towards 32.5k. Even so, BTC remains within a bullish formation, and the contraction from last week has formed a minor bull flag. The uptrend will be valid if prices are inside the June 21 to 23 trade range.
What to Expect from #BTC?
Risk-off traders can load on dips, expecting Bitcoin to resume the uptrend. Traders are bullish, but this can change if the upside momentum is not sustained above the 29.8k primary support level.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is roughly 20% from June 2023 lows and resilient, soaking selling pressure, looking at the performance in the daily chart. Even though there were attempts for lower lows, prices are firm above the 30k psychological level and 29.8k. Meanwhile, the coin is defying selling pressure and may break above 31.3k in the days ahead in a buy trend continuation formation.
#Bitcoin Technical Analysis
Traders are upbeat, but BTC, at the moment, remains inside a horizontal range with caps at 31.3k and 29.8k support. Unless there is a comprehensive, high-volume close above last week's highs, conservative, risk-on traders can wait for trend definition. Only after then can they search for loading entries to buy on dips in a buy trend continuation formation that could lift BTC towards 32.5k. Even so, BTC remains within a bullish formation, and the contraction from last week has formed a minor bull flag. The uptrend will be valid if prices are inside the June 21 to 23 trade range.
What to Expect from #BTC?
Risk-off traders can load on dips, expecting Bitcoin to resume the uptrend. Traders are bullish, but this can change if the upside momentum is not sustained above the 29.8k primary support level.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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