BTC price has been in an uptrend forming higher lows since the beginning of 2023, as price started to rise from the low of $16499. In march, Bitcoin price formed support at $20100 and began to rise upward which led to formation of high at $31000. After the move, BTC price entered into a downward channel forming lower lows and lower highs. The price declined to form a support at $25000.
Recently, the price broke the downward channel and commenced a bullish move in order to wreck the resistance level of $30500 and was successful in doing so. The June 23 candle was successful in breaking and closing above the level but bears entered into the market to push price back into the zone.
Currently, the cryptocurrency price has formed a support at $30260 and is headed toward the resistance level of $30700. If BTC price can break and close above $30700, there is a high probability for the price to fill the upper wick of the June 23 candle. The next resistance level for bitcoin is $32000. On the other hand, if the bears can break the recent support of $30260 level, price might head toward $29000 level.
Reasons For Bitcoin Price Rise
On June 15, BlackRock, the world’s largest asset management firm with over $8.5 Trillion in assets under management, filed for spot BTC ETF in the United States which turned bitcoin bullish. Notably, BlackRock is not the first to file for a spot ETF but they are the largest one’s.
The SEC is yet to approve spot ETF applications of various names like Cathie Wood’s ARK and 21 shares which filed for approval three times. Another company was Grayscale which upon refusal took SEC to appeals court to argue regarding the soundness of Bitcoins future.
BlackRock is trying to differentiate its filing from other uses through the appendage of a unique exchange surveillance sharing agreement which is focused on preventing market manipulation.
Will BTC Price Rise Above $31000 in the Upcoming Week?
The market leader’s price trades above 20,50,100 and 200-day EMAs indicating bullish momentum. The chaikin money flow score is moving sideways, and is currently trading at 0.12 suggesting strength in the market.
RSI is lingering near the overbought zone. Currently, RSI trades at 70.29 implying bullish momentum. The bollinger bands have expanded, indicating high volatility in the market and chance of major moves. BTC price has reached the upper band of bollinger and has already entered into a short-term pullback.
Conclusion
The market structure and price action of Bitcoin is bullish, but traders should wait for the price to break and close above the resistance level of $30700 level.
Technical levels
Major support: $30260 and $29000
Major resistance $31000 and $32000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/27/bitcoin-price-prediction-will-btc-price-cross-32k-this-week/