Crypto

Bitcoin (BTC) Price Analysis: June 28, 2021

Bitcoin is currently trading at $34,458 with a positive percentage of around 5.25, gapping slightly northward.

Key Levels

Resistance levels: $37,500, $42,500, $47,500

Support levels: $30,000, $27,500, $25,000

Source: TradingView

The BTC/USD daily chart is currently showing value gaps northward from a lower point above the $30,000 support level of the cryptocurrency. The market is currently averaging $35,000, with both the smaller SMA trendline and the downtrend line pointing south below the 50-day SMA indicator. Stochastic Oscillators slightly crossed the lines north against the 40 range to indicate that some buying pressure is continuing.

Can Bitcoin create a reliable upside move?

What has been technically identified with BTC/USD trading is that the $30,000 point may consistently be the most reliable zone for buy entries. Now that the market has gapped slightly north around the cap, bulls can count on placing an immediate execution order to build on the sudden slight gap move.

To counter the current northward moves, the bears need to reposition their stance in the crypto market at the $35,000 and $37,500 levels. A more aggressive breakout of these values ​​will potentially put trade on the path of recovery once again. However, in the long term, the market trading zone around $40,000 may prove difficult for a softer exit to the north.

Source: TradingView

BTC/USD 4-hour Chart

There is a slight pressure to the north against the upper bearish channel trendline on the 4-hours chart of BTC/USD. The medium-term trend is still bearish as a decrease in the market’s capacity to move further north is seen, as demonstrated by the Stochastic Oscillators moving into the overbought zone. The 50-day SMA indicator is above the 14-day SMA trendline as the upper bearish channel trendline draws south between them. Stochastic Oscillators have closed the lines in the overbought zone. A consolidation of these could indicate further bullishness of the crypto market.

How much is Bitcoin (BTC) now?

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