BTCUSDT Double Bounce Signals Potential Bullish Reversal

Jun 5

Hello traders! Here’s my technical outlook based on the current BTCUSDT (1H) chart structure. BTCUSDT previously traded inside a broad descending channel after reversing from a major high. Following a prolonged bearish move, price continued forming lower highs and lower lows while respecting both the channel resistance and support boundaries. A consolidation range developed near the upper half of the channel before a strong bearish breakout accelerated the decline. Currently, BTCUSDT is trading above the 61,400 Buyer Zone while remaining below the 64,400 Seller Zone, which now acts as the key resistance area. Price recently bounced twice from the Buyer Zone, signaling that buyers are attempting to defend support after the sharp sell-off. As long as BTCUSDT remains above the 61,400 Buyer Zone and continues to hold the current support structure, the bullish recovery scenario remains valid. A continuation higher could push price toward the 64,400 Resistance Level (TP1). Please share this idea with your friends and click “Boost” 🚀.

Jun 7

Trade active

We can see that the downward movement has continued, but today Bitcoin has almost returned to its level and the dynamics point to a possible continuation of the movement. So let's watch!

Jun 8

Trade closed: target reached

As we can see from the chart today, we are already close to reaching the target of 64,200, which is quite good. After the corrective movement, the price is gradually recovering!