Bitcoin (BTC) ready for a bull run? June 19 technical analysis
The crypto market saw a significant rise on Friday, mainly thanks to a positive announcement from BlackRock. Bitcoin (BTC), one of the big winners following this news, recorded a 6.7% rise, which could signal a resumption of the bull-run.
Bitcoin (BTC) rises off key support
After plummeting 20 % from its annual peak of $31,000, the crypto queen experienced a major rebound on Thursday. This upward trend continued on Friday, enabling Bitcoin (BTC) to close the week at around $26,500. The main driving force was BlackRock’s announcement that it plans to launch a Bitcoin ETF in the United States. This news effectively revived investor optimism and led to a positive reaction on the cryptocurrency markets.
The 6.7% rise could also mark the start of an annual bullish recovery. Indeed, this positive reaction comes after the Bitcoin (BTC) price hit a key support level at $25,200. However, BTC will have to overcome several levels of resistance before the bull market recovery can be confirmed.
The June opening price of $27,124 will be the first hurdle to overcome. This level also corresponds to the 50-day moving average, making it critical resistance. If this resistance is broken, the next threshold to cross will be the $28,433 zone, which would mark a long-term trend change.
The right time to buy?
It could be a good time to take a buy position, given the bullish reaction of Bitcoin (BTC). In fact, the buy position suggested in the June 12 analysis is currently in the green. The current market configuration favours buy positions, with the June opening price of $27,124 as the first target.
With this in mind, levels below the halfway point of the previous week’s range appear to be an attractive buying zone. If the price falls below Thursday’s low of $24,824, this bullish hypothesis on Bitcoin (BTC) will be invalidated.
Entry points: $25,455;
Stop level: $24,824;
Target 1: $27,124;
Target 2: $28,433.
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L'équipe éditoriale de Cointribune unit ses voix pour s’exprimer sur des thématiques propres aux cryptomonnaies, à l'investissement, au métaverse et aux NFT, tout en s’efforçant de répondre au mieux à vos interrogations.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.