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Bitcoin (BTC) Price Analysis for June 18

Sat, 06/18/2022 - 17:45
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Denys Serhiichuk
Can Bitcoin (BTC) come back above $20,000 by the end of the week?
Bitcoin (BTC) Price Analysis for June 18
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The fall of the market has continued over the weekend, and all of the top 10 coins have continued their fall.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has broken the vital $20,000 mark, falling by 7% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local time frame, Bitcoin (BTC) has formed the support level at $19,047. At the moment, one needs to pay close attention to it as, if buyers again lose the initiative, there are chances to see the drop to the $18,500 area shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, no one is willing to buy Bitcoin (BTC) currently as the price is trading below the peak of $2,018. In addition, the selling volume is high, confirming bears' pressure. Likewise, daily closure below $19,000 could cause a prerequsite for a further decrease.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the mid-term point of view, Bitcoin (BTC) is trading below the mirror level at $19,490. If buyers can return the price above it by the end of the week, one can expect a return to the $20,000 area within the next few days.

Bitcoin is trading at $19,115 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.