Technical Analysis

BTC/USD Price Analysis – June 12, 2023

By LonghornFX Technical Analysis
Jun 12, 20233 min
Signal 2023 05 25 122632 002

Daily Price Outlook

The live price of Bitcoin stands at $25,858.92 per BTC/USD, with a market capitalization of $501.66 billion USD. The daily trading volume is $11.56 billion USD, and the 24-hour performance of Bitcoin shows a modest increase of +0.24%.

As the US Securities and Exchange Commission (SEC) intensifies its regulatory crackdown on cryptocurrencies, over $100 billion has been wiped off the market cap. However, amidst this turbulence, Bitcoin whales, the large holders of the cryptocurrency, are strategically accumulating BTC in anticipation of a strong rebound.

Data from the cryptocurrency intelligence tracker Santiment reveals that Bitcoin whales are acquiring approximately 1,000 BTC worth $25.75 million per day. These large wallet addresses on the Bitcoin network have accumulated an additional 57,578 BTC during the recent price decline of 10% from April 9 to June 9.

The SEC’s regulatory actions have significantly impacted the market capitalization of alternative currencies, leading to a rise in Bitcoin’s dominance. According to CoinGecko, Bitcoin’s market share has increased from 44.21% to 45.69%. This rise in BTC power, combined with the ongoing accumulation by whales, bodes well for the asset’s future.

These positive factors have the potential to drive a price surge in Bitcoin. Presently priced at $25,746, Bitcoin has experienced a 5.2% decline in the past week and stands at 62.7% below its all-time high of $69,044.

Despite the ongoing crypto bloodbath that has impacted various altcoins, Bitcoin hodlers, known for their long-term investment approach, remain steadfast. They continue to accumulate BTC, with data from Glassnode indicating a monthly acquisition rate of 37,400 tokens.

The growth of Bitcoin, coupled with the hodlers’ commitment to retain their investments, signifies a bullish outlook. With limited selling pressure from these long-term investors, Bitcoin’s resilience shines through in the face of market volatility.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Let’s focus our attention on Bitcoin, currently priced at $25,806, with a robust 24-hour trading volume of $11.46 billion. Despite a minor 1% decline, Bitcoin remains a dominant force, boasting a market cap of approximately $500.6 billion.

Examining the technical charts, Bitcoin encounters strong resistance at $26,180, while finding support near $25,400. This support level plays a crucial role, acting as a safeguard against further downward movement on the four-hour chart.

Now, let’s explore what lies ahead. The market appears uncertain, with observers eagerly anticipating Bitcoin’s next decisive move. Candlestick patterns and indicators like RSI and MACD depict a sense of indecision, much like a chess player contemplating their next move.

Adding to the complexity, the 50-day EMA presents an additional hurdle, positioned around $25,900 as yet another resistance level. Bitcoin cautiously navigates through these circumstances.

It’s worth monitoring the descending triangle pattern, which suggests a potential bearish sentiment. A breach below $25,400 could set Bitcoin on a downward trajectory, with possible support levels at $24,950, $24,700, or $24,400.



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