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Highlights
- $99,800 is critical support - losing it opens downside to $93K.
- The $102.6K-$107.2K zone presents stiff resistance for bulls.
- Wait for a clear break above $102.6K or below $99.8K before taking positions.
As of Monday, June 23, Bitcoin (BTC) price recovered from its volatile weekend dip below $100K and closed the day with 4.38% gain. In this BTC price analysis, let’s break down the critical levels to watch using TPO and candlestick charts and determine if BTC price is primed for a rally to ATH or a deeper drop.
Bitcoin Price Analysis: Here’s What Investors Can Expect This Week
The Time Price Opportunity (TPO) chart for Bitcoin (BTC) outlines key short-term outlook that investors can use to gauge what to expect in today’s New York trading session.
The TPO chart shows that yesterday’s Value Area Low at $99,800 is the immediate support level. A bounce off this level is what investors are expecting to halt the recent crypto market crash. The TPO also outlines a few naked Point of Controls (nPOCs) which serve as key resistance levels to watch should Bitcoin price bounce. These hurdles include – $102,600, $103,600, $104,600. Additionally, the supply zone, coinciding with supply zone, extending from $104,500-$107,200 is also a key hurdle for reversal.
Due to the strong resisance levels, the short-term outlook reveals that a push to ATH at $112,000 is unlikley unless the aforementioned hurdles are overcome.
Market Structure Concerns
While the TPO chart shows what traders may be expecting in the short term, the daily chart provides a better outlook on the weakening BTC’s market structure and to expect next.
The BTC’s price action shows a developing bearish outlook since its ATH at $112,000 as it has produced a lower high at $110,651 followed by a lower low $100,377 and the most recent lower low at $98,225. This string lower lows and lower highs suggest that Bitcoin market structure has flipped bearish.
Despite these bearish signals, the recovery above $100,000 suggests lingering demand. The current price sits between critical technical levels, making the next 24 to 48 hours pivotal for determining trend direction.
Is a Bitcoin ATH Possible This Week?
The chances a Bitcoin ATH this week are low considering that BTC price is down nearly 10% from its peak. Additionally, the TPO analysis shows multiple hurdles stacked up to $105K. Until these levels are breached, it is uncertain to make any long-term Bitcoin price predictions for this week.
On the other hand, the daily BTC price chart shows that if this downtrend continues and $100,000 level breaks, it is highly plausible for Bitcoin to revisit the $93,024 support level. Beyond this, investors can expect a strong bottom to form around $87,509 to $91,653 zone.
Frequently Asked Questions (FAQs)
1. Will Bitcoin price drop below $100K again?
2. What’s needed for BTC to retest its $112K ATH?
3. Is Bitcoin’s market structure now bearish?
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