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BITCOIN PRICE ANALYSIS CMP-$26,850: "Hope on the Horizon: Can June Spark a Bullish Rally for BTC?"

Key Takeaways
  • On the daily chart, BTC has formed a Three Black Crow pattern, which is a bearish signal
  • BTC has experienced its first monthly loss in five months, indicating a potential reversal in its upward trend
  • Despite experiencing a bearish reversal from the resistance trendline of this pattern, the selling momentum recovers and plunges the price back down to a lower trendline
01 Jun 2023 By: Lokesh Gupta

Despite experiencing four consecutive months of growth, Bitcoin is concluding May with a decline of approximately 7%. On May 29th, Bitcoin's upward trajectory came to a halt as it encountered resistance at a significant downtrend line. This highlights the persistence of bears in selling near crucial resistance levels.

Bitcoin's price has experienced a recent downturn, breaking below the crucial support level of $27,500. The cryptocurrency is displaying several bearish indicators below the pivotal point of $27,400. Despite attempts to rebound, Bitcoin failed to initiate a new upswing above the resistance zone at $28,000. Consequently, BTC began a fresh decline and traded below the significant support zone of $27,500.

The price of Bitcoin clearly breached the $27,400 level and the 50-hourly Simple Moving Average, indicating a downward movement. It even plummeted below $27,000 and came close to testing the $26,500 support level. Eventually, it reached a low around $26,605 and is currently in a phase of consolidating its losses.

Bitcoin is currently below the $27,500 level and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a significant bearish trend line is taking shape, with resistance appearing around $27,500.

The $27,000 level currently poses as an immediate resistance on the upside. Further ahead, a significant resistance barrier lies near the $27,400 mark, followed by the main resistance level at approximately $27,500. A decisive breakout and close above $27,500 may initiate a steady upward movement towards the $28,000 threshold. If the bulls successfully overcome the resistance at $28,000, the price could potentially rally towards the next resistance zone at around $28,500.

If BTC fails to break above the $27,100 resistance, it may face further downward movement. The immediate support on the downside is located near the $26,500 level. Subsequently, the next significant support zone is around $26,000, and a breach below this level could potentially trigger a bearish momentum. If this scenario unfolds, the price may decline towards the $25,300 support level.

Based on Price Analysis, the market capitalization of BTC stands at $520,309,698,096. The 24-hour trading volume of the coin is approximately $15,993,720,951


RESISTANCE LEVEL : $27,100-$27,500

SUPPORT LEVEL : $26,500-$26,000

The question still lingers: Will Bitcoin close below the critical level of $26,500 and subsequently break below $24,000? Will the selling pressure persist, or will the arrival of a new month bring renewed optimism for the bulls? We welcome your perspectives and insights in the comment section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.