Bitcoin Price Analysis: On June 11th, the crypto market witnessed a sharp sell-off and tumbled several cryptocurrencies to lower price analysis. Earlier today, the leading cryptocurrency Bitcoin showcased a nearly 3% fall, but by the press time, it’s down 1.79% red. This rejection of the lower price indicates the buyers are defending this coin which keeps the upside potential intact.
Also Read: Crypto Selloff By Trading Firm Likely Behind Altcoin Crash
Bitcoin Price Daily Chart
- The Bitcoin price may witness high volatility resonating between the converging trendline of the wedge pattern
- A breakout above the overhead resistance trendline will signal a continuation of the prior recovery rally
- The intraday trading volume in Bitcoin is $12.2 Billion, indicating a 22% loss.
Source-Tradingview
By the press time, the Bitcoin price trades at $26080 and continues to wobble between the two converging trendlines of falling wedge patterns. Despite the recent market sell-off on June 5th and June 10th, the coin price managed to sustain above the lower trendline reflecting the strong accumulation level for buyers.
In theory, the falling wedge pattern is a sign of a gradual decrease in selling pressure which leads to a massive bullish upswing. As for now, the converging trendline is narrowed enough to project a no-trading zone.
Thus, with the increased negativity in the crypto market, the BTC price may prolong a sideways trend for a few more sessions before an actual breakout.
A potential breakout will offer traders a long entry opportunity with a potential target of $31170.
Will Bitcoin Price Lose $25000?
The support trendline of the wedge pattern has remained strong despite a highly volatile market scenario. The coin buyers use this support to prevent massive downfall and recuperate the bullish momentum. Therefore, the BTC is likely to plunge below $25000 until this trend is intact.
- Moving Average Convergence Divergence: A bearish alignment between the MACD(blue) and signal(orange) accentuates a steady downtrend in Bitcoin price.
- Pivot levels: The daily chart shows the overhead resistances at $27680 and $29500 and important support at $25500 and $23750.
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