BTC/USD Price Analysis – June 26, 2023

Daily Price Outlook

Bitcoin is currently priced at $30,376.07 per BTC, with a market size of $589.67 billion. The 24-hour trading volume is $13.58 billion, and the BTC to USD exchange rate is constantly updated. Over the past 24 hours, Bitcoin has experienced a 1.22% decrease, while its circulating supply amounts to 19.41 million coins.

Bitcoin’s price breaches the $31,000 mark, aligning with the International Monetary Fund’s (IMF) assertion that the flagship cryptocurrency is unstoppable. Bitcoin’s upward trajectory continues, surpassing levels not seen in over a year. This surge is fueled by a Bitcoin-focused week where institutional investors with deep pockets seek approval, injecting optimism into the market and setting higher price targets.

The IMF’s assertion is confirmed as Bitcoin breaks above $31,000, marking a significant milestone. On June 23, at approximately 16:15 GMT, Bitcoin’s price surpassed the $31,000 barrier, reclaiming levels last witnessed in June 2022. This ongoing rally, initiated in mid-June, has resulted in a 25% increase from the lows of around $24,800 on June 16.

BlackRock, the world’s largest asset manager, takes steps towards obtaining approval for a Bitcoin spot exchange-traded fund (ETF). This move follows a growing trend of established financial giants shifting their focus toward cryptocurrency and related services.

While BlackRock has filed for a spot Bitcoin ETF, regulatory approval from the US Securities and Exchange Commission is still pending. The process is acknowledged to be lengthy, as the financial authority has accepted no spot Bitcoin ETF applications.

BlackRock’s application has triggered a flurry of similar filings from competitors and other traditional finance leaders.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Analysis

Bitcoin’s journey continues with its exciting rollercoaster ride! From a technical perspective, Bitcoin faces an exhilarating challenge as it reaches the $31,000 level. It’s like encountering a thrilling obstacle on the race track with a double-top pattern. The appearance of doji and spinning top candles, combined with resistance at $31,000, suggests a temporary pause in bullish momentum as buyers catch their breath.

But fear not; there’s always a support crew ready to assist! Immediate support for Bitcoin can be found at around $29,600. If the price breaks below this level, brace yourself for a potential further decline towards the key support zone at $28,250. It’s like finding the perfect pit stop coinciding with the 50-day exponential moving average. And if things get really intense, the next support around $26,750 will come to the rescue!

Now, let’s gauge the excitement levels. The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently enjoying their time in the neutral zone. They’re taking a break from the wild ride, suggesting that Bitcoin is neither overbought nor oversold. This opens up the possibility for a thrilling corrective move in the near future.

But what if Bitcoin surprises us all and conquers the $31,000 level? Well, buckle up because the next target on the horizon is around $32,500. And if the momentum keeps building, the thrilling ride could push Bitcoin towards the $34,000 mark. So, keep those goggles on and enjoy the adventure!