Technical Analysis

BTC/USD Price Analysis – June 09, 2023

By LonghornFX Technical Analysis
Jun 9, 20233 min
Signal 2023 05 25 122632 002

Daily Price Outlook

The current price of Bitcoin stands at $26,466.97, with a 24-hour trading volume of $11,797,944,376. Bitcoin has seen a slight increase of 0.01% over the past 24 hours. As the leading cryptocurrency, Bitcoin has been unable to break free from its consolidation phase and is currently trading above the $26,000 level.

This lack of significant movement could be attributed to the bearish sentiment prevailing in the crypto market, which has been impacted by recent regulatory actions taken by the United States Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.

Additionally, concerns surrounding inflation and central bank policies have added to the crypto market’s uncertainty. Despite these challenges, Bitcoin has shown relative stability by holding its position above $26,000 recently.

If Bitcoin manages to surpass the resistance level at $26,750 successfully, there is potential for a substantial price increase. However, it is important to consider the regulatory developments, inflation concerns, and central bank actions that currently shape the crypto market.

Bitcoin’s performance will be closely monitored as it strives to overcome resistance levels and regain momentum in this complex landscape.

Impact of Regulatory Concerns and Outflows on Bitcoin Price

Recent data from Glassnode indicates a slight increase in the number of short-term Bitcoin holders selling their coins. However, this increase is less significant than the peak levels observed after major events last year. Around 0.82% of Bitcoin held by short-term holders is being sent to cryptocurrency exchanges.

Although this percentage has risen, it remains lower than the peak inflows seen during the collapse of TerraLUNA and the FTX exchange.

On the other hand, the recent regulatory actions taken by the US Securities and Exchange Commission (SEC) against Binance.US and Coinbase have resulted in significant outflows from Binance.

This trend of outflows can be attributed to investor panic triggered by asset freezes and the delisting of advanced trading pairs involving BTC and BUSD.

As a result, the increased inflows from short-term Bitcoin holders and substantial outflows from Binance, driven by regulatory concerns, have contributed to downward pressure on Bitcoin’s price in recent days, resulting in a decline of approximately 2.31% over the past five days.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin has discovered a level of support around the $26,200 mark, indicated by the formation of doji and hammer candles. This indicates a potential weakening of the bearish sentiment and signs of exhaustion among sellers.

The $26,200 level is becoming a strong support zone for Bitcoin, but there is a discrepancy between the RSI and MACD indicators. The RSI is in the oversold zone, while the MACD suggests a buy zone.

Bitcoin is facing resistance near the $26,500 level, primarily due to the presence of the 50-day exponential moving average. This resistance is adding pressure to Bitcoin’s price, so it is advisable to wait for a breakout from the current trading range.

A breakdown below the $26,200 level could lead to further downward movement, potentially targeting the $25,400 level.

On the flip side, a confirmed breakout from the current range could present selling opportunities, with a potential target around $24,750.

If Bitcoin manages to hold above the $26,200 level, it could set its sights on resistance levels at $26,000 and $27,400. Breaking through the resistance at $26,500 is crucial for further upward movement.



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