Main navigation

Bitcoin (BTC) Price Analysis for June 20

Price Predictions
Sun, 06/20/2021 - 14:24
article image
Denys Serhiichuk
Can Bitcoin retest $35,000 before the decline continues?
Bitcoin (BTC) Price Analysis for June 20
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.

Read U.TODAY on
Google News

Bears are giving no chance for even a short-term bounce back. Respectively, all the top 10 coins remain in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

Due to the ongoing bearish influence, the dominance rate of Bitcoin (BTC) keeps rising and now is 45 percent.

BTC market share
BTC market share

BTC/USD

Bitcoin (BTC) could not fix above $35,000, having confirmed the bearish scenario. Its price has gone down by almost 6 percent over the last day.

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

On the hourly chart, Bitcoin (BTC) might show a short-term bounce. The trading volume tends to increase, which means that there is a high chances of an uptick to the resistance around $35,000 where most of liquidity is focused. Also, there is an unfilled gap located in that zone.

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

On the higher time-frame charts, Bitcoin (BTC) is oversold. However, the bearish trend might not have finished. In this case, there is a high possibility to see a test of the formed mirror level at $34,700, followed by the ongoing decline.

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

On the weekly time frame, the situation is bearish as buyers could not gain footing above the $40,000. At the moment, Bitcoin (BTC) is in the accumulation phase.

Related
BTC, ETH, XRP, BNB, ADA, and XLM Price Analysis for June 19

If sellers break the $32,000 mark and fix below it, the next level where bulls may seize the opportunity is $23,700.

Bitcoin is trading at $39,970 at press time.

article image
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.