BTC/USD (Bitcoin) - 6 Month Uptrend Support Level Test - Daily

Bitcoin / US DollarBinance

Description

⋅ Jun 6, 2023 11:30 AM

Bitcoin (BTC/USD) price has been downtrending inside a falling wedge pattern for the past 3 months.

Price is currently below the 6 month uptrend support trendline, and is testing the $25000 zone.

If the Bitcoin price closes and continues to fall below $25000, the 6 month uptrend could be at risk.

The next one to two months of Bitcoin price action will likely determine if the uptrend continues or not.

Support Price Levels above $25000 to $20000 must hold for the uptrend to continue in 2023.

Support Price Levels: $25000, $23000, $21000, $20000.

Resistance Price Levels: $27000, $28000, $29000, $30000.

Weekly and Monthly consolidation of Bitcoin was likely due to negative catalysts such as: SEC and CFTC lawsuits against USA crypto exchanges, crypto regulation changes, inflation, decline of metals and commodities, low consumer sentiment, regional bank crisis, recession risk, etc.