Technical Analysis

BTC/USD Price Analysis – June 19, 2023

By LonghornFX Technical Analysis
Jun 19, 20232 min
Signal 2023 05 25 122632 002

Daily Price Outlook

Bitcoin takes the stage at $26,447, delivering a smooth 0.47% decline in the past 24 hours. The beats are alive with a trading volume of $9.4 billion, showcasing an energetic market groove. Holding its crown as the top cryptocurrency, Bitcoin shines with a lively market capitalization of $513,244,474,171.

With 19,406,312 coins swaying in circulation and a maximum supply of 21,000,000 BTC coins, Bitcoin’s dance continues in the cryptocurrency market. A mind-blowing 9.50 billion dollars in USD are traded every day, keeping the dance floor alive.

With 19.41 million coins rocking the market, bitcoin has experienced a slight dip of 0.66 percent over the past 24 hours.

In an epic turn of events, the recent price crash of Bitcoin lured in the whales, who couldn’t resist the temptation of grabbing BTC at a discounted price.

On April 19, bitcoin took a sudden nosedive, sending shockwaves throughout the market. However, this dramatic fall became the perfect opportunity for savvy buyers to enter and ignite a comeback rally.

Now, Bitcoin is ready to shake off its recent losses and reclaim its spot in the limelight. BTC has taken flight after plunging to a local low of $24,825 on June 15, soaring 8% to its current price of $26,452.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Analysis

The BTC/USD pair recently hit the dance floor, completing a 50% Fibonacci retracement at the sensational level of 26,600.

A whimsical tweezer top pattern emerges on the daily timeframe, signaling a possible shift in the bullish vibes and hinting at the potential for a price drop if it stays below the resistance at 26,600.

As we dive deeper into the daily timeframe, the beats get stronger. The 50-day exponential moving average and a sassy downward trend line team up to fortify the dance floor at 26,600.

These dynamic duos create a choreographed routine of significant obstacles for Bitcoin at this electrifying level.



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