Bitcoin (BTC/USD) Market Continues Its Downward Trend
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Bitcoin Price Prediction – June 20
BTCUSD market continues its downward trend as the price moves in fractals to the downside. The ongoing bearish wave began as the price bounced off the diagonal resistance from the premium zone.
The BTCUSD chart presents a bearish outlook confirmed by several indicators. The 9-period SMA is currently above the price, suggesting downward momentum. Additionally, the bearish crossover from the earlier peak (highlighted by the red arrow) strengthens the case for further declines. The consistent positioning of the price below the SMA line is indicative of a sustained downtrend, with the moving average providing a dynamic resistance level around $66210.
BTC/USD Market Key Levels:
Resistance levels: $70080, $73840, $80000
Support levels: $65520, $56500, $50510
BTC/USD – Daily Chart
The BTC/USD daily chart shows that the market has continued its downward trend as the price moves in fractals to the downside.
The recent price action of BTCUSD is characterized by lower highs and relatively stable support around $65520. The breakdown from the $70070 level, coupled with repeated failures to reclaim this zone, signifies selling pressure.
A significant bearish candle breaking below the prior support suggests potential for more downside movement. The observed order block (OB) around $64000 to $62000 marks a key area where price might consolidate before further declines.
What are the potential price targets for BTCUSD in the near future?
Looking ahead, if the bearish trend persists, BTCUSD is likely to retest the order block zone around $62000. Failure to hold above this zone could lead to a drop towards the $60150 support level. Should the price breach this support decisively, the next target would be the $56500 level.
BTC/USD – Four-Hour Chart
The BTCUSD pair shows a bearish trend, highlighted by a series of lower highs and lower lows. The price is currently testing the resistance near $65520, and a failure to break above the buy-side liquidity (BSL) level could confirm the continuation of the downtrend.
The MACD also supports the bearish outlook, with the signal line below the zero line, indicating downward momentum. A potential target for the decline is around the $64010 support level, as marked on the chart.
Bitcoin (BTC) Current Statistics
The current price: $65430
Market Capitalization: $1,280,000,000,000
Trading Volume: $25,820,000,000
Place winning LEO trades with us. Get LEO here
