BTCUSDT
Bitcoin Price Analysis
Despite the rise in the United States equities markets following the June 13 Consumer Price Index print, Bitcoin and altcoins failed to recover, indicating that crypto traders are focused on crypto-specific matters rather than macroeconomic news. However, there is a glimmer of hope for the bulls as Bitcoin continues to hold above the $25,000 support level.
Traders tend to shy away from uncertainty and wait for clarity before taking action, and the cryptocurrency markets may follow a similar pattern in the near term. A decisive trend is likely to emerge once investors perceive regulatory clarity. During uncertain periods, it may be prudent for traders to consider reducing their position size to mitigate the risk of sudden market swings.
On June 13, Bitcoin made a brief ascent near the 20-day exponential moving average (EMA) of $26,531, but the presence of a long wick on the candlestick indicates that bears sold at higher levels. The price has been trapped between the 20-day EMA and the critical support level at $25,250, suggesting that while bulls are buying dips, bears are determined to maintain their advantage.
The downward slope of the moving averages favors the bears, yet the positive divergence on the relative strength index (RSI) suggests a potential reduction in selling pressure. A breakthrough above the 20-day EMA would pave the way for a rally towards the resistance line of the descending channel, and surpassing this hurdle is crucial to signaling a potential climb to $31,000. Conversely, a downward move from the current level, breaking below $25,250, would indicate a surrender by the bulls. In such a scenario, the pair may decline initially towards the support line of the channel and potentially reach the psychologically significant level of $20,000.
