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Bitcoin (BTC) Price Analysis for June 20

Tue, 06/20/2023 - 18:00
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Denys Serhiichuk
Is it possible to see growth of Bitcoin (BTC) by end of week?
Bitcoin (BTC) Price Analysis for June 20
Cover image via www.tradingview.com

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Sellers are not going to give up so easily, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rise of Bitcoin (BTC) has risen by almost 1%.

BTC/USD chart by TradingView

Image by TradingView

Despite the rise, Bitcoin (BTC) is looking bearish on the local time frame, as the price is coming back to the support level at $26,700. If nothing changes, the breakout may lead to a further dump to $26,600.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, the rate of BTC has made a false breakout of yesterday's peak at $27,050. At the moment, traders should focus on the bar's closure.

Related
Bitcoin (BTC) Price Analysis for June 18

If it occurs with no long wicks, there is a high probability of seeing an ongoing decline to $26,400.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, it is too early to make any predictions as the candle has not formed yet. However, if buyers can get the price above the $27,700 mark, one can expect a further upward move to the $28,000 zone.

Bitcoin is trading at $26,784 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.