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Technical Analysis for BTCUSD for 12th June 2023

Bitcoin Soaks Selling Pressure; Will BTC Lose $25k?

Past Performance of BTC

Bitcoin losses have been contained despite the contraction in the second half of last week. Prices are around the $25.8k, and the uptrend remains, at least from a top-down preview. Overall, traders should watch how prices react at immediate support lines and the resistance trend line of the emerging bull flag. Notice that the uptrend defined by gains from March to April 2023 holds despite the rejection of higher highs from mid-April 2023.

Bitcoin Technical Analysis

The drop in BTC prices from June 7 to 10 has been noticeable but within the June 6 bull bar. Trading volumes were also low supporting buyers of June 6 from an effort-versus-result perspective.

In the days ahead, traders should watch how prices react at $25.3k, or June 6 lows, and $27.3k, the immediate resistance level, and June 5 highs. For buyers to take over, there must be a convincing close above $27.5k and, ideally, $28.3k with expanding volumes.

Conversely, sharp losses below $25k will invalidate this outlook, and further losses will be a bullish breakout confirming losses of June 5. In that eventuality, BTC may drop to $22.5k and $20k in a retest of March 2023 lows.

What to Expect from BTC

Buyers are confident, but BTC remains in a tight position, looking at the candlestick arrangement in the daily chart. For the uptrend to be valid, there must be a close above key resistance levels, especially $28.3k. If not, there could be more losses on the horizon.

Resistance level to watch: $27.3k

Support level to watch: $25.3k

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

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