Bitcoin Price Analysis, 20th June: BTC trading in a range

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A few days ago, Bitcoin price experienced a massive influx of buying pressure that allowed it to overcome its previous resistance levels, which approached $9,000. However, since then, the BTC bulls have not been able to push it to a very high level of $10,000, which could indicate that it will face higher short-term selling pressure.

 

BTCUSD Dominant Trend: Bullish

Resistance Levels: $9800, $9900, $10000

Support Levels: $8300, $8200, $8100

 

Bitcoin Price Analysis

In recent days, Bitcoin (BTC) has stopped moving upwards. After climbing from a minimum of $7,450 for several weeks to briefly link with $9,400, the cryptocurrency ended its increase. Since then, BTC has remained fairly stable, trading between $9,000 and $9,300. But, it is likely that the asset is about to take a growing trend as it evolves. Although Bitcoin (BTC) has had some kind of slow pace in its price gains in the last 24 hours. Bitcoin price only managed to keep his price above $9,000 most of the time while diving several times below this level. While the crypto community is waiting patiently for $10,000, we can see that Bitcoin will easily surpass $15,000 if it gets $10,000. Bitcoin price is currently trading in a triangle pattern, marked by a narrower and narrower range. With the decrease in volume, a break is increasingly likely.

BTC to USD Price Chart 20th June
BTC to USD Price Chart 20th June

As a result of the latest Bitcoin price analysis, the currency marked a catchment area: resistance around the peak of 2019 to $9,474 and significant support of $8,800. Any movement outside the previous territory will probably dictate Bitcoin’s orientation for the next two days. At the time of writing this article, the Bitcoin price fluctuated around the demand area between $9,000 and $9,290. If that fails, we expect $8,600 for the next level of support at $8,400 (as well as the 4-hour MA-50 in purple) before reaching $8,300, $8,200 and$ 8,100. On the bullish side, the nearest resistance zone is $9,400, which was the highest in 2019. As you can see from the 4-hour chart, this is exactly where our trend line was marked in the average ascending. The break of $9,400 would probably lead quickly to a next resistance level of $9,800, $9,900 and $10,000. The volume of transactions has decreased. This could be related to the anticipated movement mentioned above. The RSI fell to 62-level but still looks optimistic.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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