Bitcoin Continues Its Upward Trend And Tests The High Of $30,000

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price rebounded to its previous high of $30,968 on April 14.

Bitcoin price long-term forecast: bearish

On June 14, the Bitcoin price fell as low as $24,838 before the bulls struck. The Bitcoin price corrected higher, but remained stuck at the 21-day simple moving average. After a spike on June 19, Bitcoin broke through the moving average lines.

At the time of publication, the price of the largest cryptocurrency was at $30,159. On the positive side, the current upward momentum has peaked. The cryptocurrency value has entered an overbought market region. It is unlikely that the price increase will continue. On the other hand, Bitcoin will collapse if it is rejected at its current peak. The cryptocurrency will fall to the breakout level of $28,000. The cryptocurrency will be forced to trade in a range between $28,000 and $30,000.

Bitcoin indicator display

Bitcoin continues to rise and reaches the Relative Strength Index of 71 for the period 14, which means that the market has reached an overbought condition. Sellers are expected to appear in the overbought area of the market. As long as the price bars are above the moving average lines, Bitcoin will remain bullish.

The BTC price is heavily overbought according to the Daily Stochastic. It is above the 85 level of the price indicator.

Technical Indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin's uptrend has continued as it retests the $30,000 psychological price barrier. The market's upward movement is hindered as it approaches the overbought zone. The cryptocurrency will be forced to trade sideways after being rejected at its recent high.

On Jun 19, 2023, Coinidol.com reported that BTC reached a high of $26,800 on June 17, but failed to sustain upward momentum. At the recent high, the largest cryptocurrency is encountering resistance. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.