The BTC/USD quotes are trading around 27958 and continue to move within a strong uptrend, breaking out of the bearish channel. The market capitalization of Bitcoin cryptocurrency at the time of the forecast publication amounts to $543,903,156,665. The moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken above the area between the signal lines, indicating pressure from buyers of the “Digital Gold” and a potential continuation of the asset’s price growth from current levels. In the context of the cryptocurrency’s forecast for tomorrow, June 22, 2023, we can expect an attempt to develop a bullish correction in the value of the digital asset and a test of the support level near the 26905 area. From there, we can expect an upward rebound and an attempt to continue the upward trend of the Bitcoin price with a target above the 30550 area.
Bitcoin Forecast for June 22, 2023
An additional signal in favor of the BTC/USD quotes’ rise will be a test of the support line on the relative strength indicator. The second signal in favor of this scenario will be a rebound from the upper boundary of the bearish channel, which was broken upwards by buyers. The cancellation of the coin’s price and Bitcoin’s rise scenario will occur with a decrease in the asset’s value and a breakthrough below the 25405 area. This would indicate a breakthrough of the support area and a continuation of the Bitcoin price decline with a potential target at the 23205 level. Confirmation of the asset’s price rise will be a breakthrough of the resistance area with the price consolidating above the 28305 level.
Bitcoin Forecast for June 22, 2023 suggests an attempt to test the support level near the 26905 area, followed by a continuation of the cryptocurrency’s rise with a potential target at the 30550 level. An additional signal in favor of Bitcoin’s upward movement will be a test of the support line on the relative strength indicator. The cancellation of the digital currency’s rise scenario will occur with a breakthrough of the 25405 area, indicating a continuation of the coin’s decline with a potential target below the 23205 area.
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