Bitcoin Price Likely To Reach $32.5k, Says Analyst As Bullish Cues Line Up
Key Takeaways:
Bitcoin price has been on a recovery rally since June 15.
An analyst has predicted BTC price could rally to $32,500.
NEW DELHI (CoinChapter.com) — Bitcoin price has recovered from the SEC-Binance and Coinbase lawsuit FUD, resulting in the total crypto market cap dropping to its lowest level since March 13 earlier this year.
BTC price rallied nearly 25% in a week since June 15 to reach a high of $30,755 on June 21. However, the uptrend halted afterward, with Bitcoin price crabbing.
Meanwhile, a crypto analyst speculated that Bitcoin might rise to $32,500 if BTC prices hold the higher low near $25,000. The analyst also highlighted that the token had reclaimed the $26,700 resistance before moving to $30,000.
Furthermore, Bitcoin’s balance on exchange has reached a 5-month low, according to the on-chain data analysis platform Glassnode.
Glassnode stated that the BTC balance on exchanges reached a low of 2.27 million tokens, its lowest level since Feb 2023. Traditionally, a lower balance on exchanges highlights a holding mentality among investors, suggesting long-term optimism.
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*Moreover, another crypto analyst highlighted that nearly $5 billion in open interests are set to expire on June 23, which could *introduce more volatility to the market. Of the $5 billion, call options account for nearly $3.2 billion.
BTC Price Rally Loses Steam Near $30,000
Bitcoin price rally stalled after reaching a two-month high of $37,500 on June 21. However, the uptrend helped BTC prices break above a multi-week descending trendline resistance on June 20. The prime crypto registered a minuscule 1.3% jump on June 23 to reach a high of $30,235 before paring gains.
Long upper wicks on the daily candles indicate bears are trying to force BTC price below $30,000. A likely bearish cue for the token could be Bitcoin’s overbought RSI level, clocking at 70.38 on the daily charts.
Traders often consider the occurrence a sell signal since overbought RSI levels usually precede a bearish trend reversal. Hence, an increase in the bearish pressure could force BTC price to drop to its support near $29,330.
Moreover, failure of the immediate support level might result in Bitcoin price testing its 20-day EMA (red wave) support near $27,500 before recovering.
On the other hand, bulls might face resistance near $31,200 if the uptrend continues. However, breaking and consolidating above the immediate resistance could open the opportunity for BTC price to challenge the resistance near $33,950 before downside corrections pare gains.
The post Bitcoin Price Likely To Reach $32.5k, Says Analyst As Bullish Cues Line Up appeared first on CoinChapter.
Filed under: Bitcoin - @ June 23, 2023 5:53 pm