Bitcoin has witnessed a massive plunge from the $30,000 level to $20,000 in the month of June. Price of Bitcoin has been witnessing movement within a range of $20,000 and $21,000 respectively. Bitcoin witnessed overbought conditions over the last 48 hours painting a bullish outlook on the chart. With continued buying strength, BTC might be able to target $24,000, however chances of bullish pullback cannot be ruled out.
Technical Analysis
Bitcoin buyers returned to the market, the $21,000 marks an important demand zone for the coin. This is related to increased amount of buying over the past 48 hours and it can be considered bullish for the asset. A reading above the half-line meant bullish forces were present in the market, however, as the bars turned red, there could be chances of a price pullback. If demand continues to remain stable, Bitcoin can move past its current price level and trade near its immediate price resistance.
Source: ANUSHSAMAL | NEWSBTC.COM
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