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Bitcoin Price Analysis, 25th June: BTC Bull Trend Continues

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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.

Bitcoin price has worked very positively in recent weeks and has reached $11,288.56, the highest point in more than a year. The entire crypto market is excited about the future of the space and the digital currency could still have enough steam to keep growing.

 

BTCUSD Dominant Trend: Bullish

Resistance Levels: $12,200, $12,400, $12,600

Support Levels: $9,200, $9,000, $8,800

 

Bitcoin Price Analysis

The Bitcoin bulls are currently at their highest level since the beginning of this year. Bitcoin not only surprised a lot by breaking the key resistance at $10,000, but the bitcoin price also formed new highs in 2019 for $11,288. On the intraday chart, Bitcoin corrected 2.11% on Monday, while the session opened at $10,834. The withdrawal on the opening price proved support at $10,500 but reached a minimum of $10,579.46 before returning to the day’s high of $11,089.70. On the positive side, the bullish momentum is immediately limited by resistance to the day’s maximum ($11,089.70) and the market price is well above the 55-day moving average, which is close to the upper limit of the Bollinger band. If Bitcoin manages to overcome this resistance, $11,100 will be the next key position. A break above this level could pave the way for a new assault at $12,200. In addition, Bitcoin price has the technical potential to exceed its recent highs of 2019 and around $12,600.

BTC to USD Price Chart 25th June
BTC to USD Price Chart 25th June

On the other hand, if we look at the chart below, the main supports are $9,200, $9,000 and $8,800, below which there is a risk of prolonged Bitcoin decline. In addition, the following key support is close to the $8,600 level, followed by the crucial level of $8,400. As the chart shows, the Bitcoin price is clearly facing a daunting task close to the $11,100 and $11,150 levels. In general, if the bulls remain in action, perhaps they could push the price above the $11,200 and $11,300 levels. In the mentioned bullish case, its next goal could be close to $11,500, or even $12,000. In addition, the upward momentum is supported by the Relative Strength Index (RSI), which is forming a higher low pattern and is above average at the time of writing. For support, $10,000 is immediate support. The 55-day moving average of 4-hour will work as another support line currently at $9,826.24.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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