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Bitcoin (BTC) Price Analysis for June 29

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Wed, 29/06/2022 - 14:59
Bitcoin (BTC) Price Analysis for June 29
Cover image via www.tradingview.com

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Bitcoin has continued its fall, going down by 4% over the last day.

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Top coins by CoinMarketCap

BTC/USD

Bears have locally seized the intiative as bulls could not return the rate of Bitcoin (BTC) to the $21,000 mark.

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

On the hourly time frame, Bitcoin (BTC) is trading in a narrow range between the support at $19,883 and the resistance at $20,210. At the moment, the price is located in the middle of the channel, which means that neither bulls nor bears are dominating.

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However, if buyers can hold the rate above $20,000, short-term growth may happen.

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

On the longer-term chart, Bitcoin (BTC) has made a false breakout of the $19,869 level. The selling volume has risen, confirming sellers' power. However, if bulls can keep the rate above the mentioned mark, one can expect a bounceback soon.

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

From the mid-term point of view, Bitcoin (BTC) is trading in a narrow range that neither bulls nor bears are signaling. However, if the candle fixes below the $20,000 mark, the fall may continue to the next support level at $17,592.

Bitcoin is trading at $20,098 at press time.

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