Technical Analysis

BTC/USD Price Analysis – June 21, 2023

By LonghornFX Technical Analysis
Jun 21, 20233 min
Signal 2023 05 25 122632 002

Daily Price Outlook

The live price of Bitcoin stands at $28,320.59 per bitcoin (BTC/USD), with a market capitalization of $549.64 billion. The 24-hour trading volume reached $22.03 billion, and the price is updated in real-time.

With 19.41 million coins in circulation, Bitcoin has experienced a 5.78% gain over the past 24 hours.

WisdomTree Joins the Bitcoin ETF Race

WisdomTree, a renowned ETF provider, has applied for Bitcoin Trust approval. If successful, this would allow the listing of WisdomTree’s Bitcoin ETF on the Cboe BZX Exchange.

The timing of WisdomTree’s application is notable, as it closely follows BlackRock’s recent application for a spot Bitcoin ETF.

Grayscale Bitcoin Trust (GBTC) Discount Narrows

Despite recent market fluctuations, Bitcoin’s price surge has positively impacted Grayscale Bitcoin Trust (GBTC). GBTC experienced a period of value decline over the past two months, with the discount to Net Asset Value (NAV) reaching around 44%.

However, the bullish momentum in the Bitcoin market has caused the GBTC discount to shrink by 12% in the last seven days.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Analysis

Get ready for some Bitcoin excitement! The world’s leading cryptocurrency is making some serious moves on the technical front. It’s trading with an impressive bullish momentum after breaking through the stubborn resistance at $27,000, provided by a downward trend line.

This breakthrough has ignited a powerful uptrend, propelling the Bitcoin price towards its next target at $28,300. But here’s the burning question: Can Bitcoin maintain this incredible momentum and soar to the coveted $30,000 mark? Let’s take a peek at the technical indicators.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are flashing green, indicating a favorable zone for Bitcoin’s upward journey.

Moreover, Bitcoin has triumphantly crossed above the 50-day Exponential Moving Average, which is now acting as a sturdy support level around $27,000.

Excitingly, there’s more! Bitcoin has even formed a thrilling “Three White Soldiers” candlestick pattern on the daily timeframe, underscoring the dominant bullish trend.

With all these exciting developments, there’s a good chance that Bitcoin will continue its upward trajectory. However, brace yourselves for a potential minor correction as it approaches the critical $28,300 level.

This level holds the key to Bitcoin’s next moves. If it manages to hold above this level, we can expect the bullish momentum to persist and carry Bitcoin towards the remarkable $30,000 milestone.

And if that magical mark is conquered, the next target in Bitcoin’s sights could be around $30,900. So, fasten your seatbelts and enjoy the Bitcoin thrill ride!



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