BTC/USD Defends Critical Support as Bitcoin Recovers from $29,247

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Bitcoin (BTC) Regains Bullish Momentum as Bitcoin Recovers from $29,247 – June 23, 2021

BTC/USD succumbed to selling pressure as Bitcoin Recovers from $29,247. Immediately, the bulls bought the dips as Bitcoin resumes upward move. The current upward move is facing resistance at the $34,000 high. Bitcoin is likely to retest the $40,000 resistance if the $31,000 support holds. Bitcoin may be in a range-bound for a few days as the crypto resumes upward.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following the recovery above the critical support at $31,000, buyers are focusing to retest the $40,000 high. Yesterday, the bulls successfully defended the $31,000 support as the crypto regained bullish momentum. The question is: can the bulls breach the $41,273 resistance? Bitcoin bulls can breach the $41,273 resistance if price rebounds near the resistance zone. If the price rebounds it will break through the $41,273 resistance level.

On the upside, if the bullish momentum extends above the $43,000 high, a rally to the previous high is possible. However, the proposed uptrend may face resistance at the $47,000 high. Bitcoin is trading at $33,955 at the time of writing. BTC price will be compelled to a range-bound move if the buyers fail to push Bitcoin above the resistance level.

Bitcoin (BTC) Indicator Reading

Bitcoin is above the 25% range of the daily Stochastic. It indicates that crypto is in a bullish momentum as price rises to the previous highs. BTC price is at level 42 of the Relative Strength Index period 14. It indicates that Bitcoin is in the downtrend zone and below the centerline 50. BTC price is below the moving averages which suggests that the king coin is in the bearish trend zone. This makes it prone and capable of falling on the downside.

BTC/USD – Daily Chart

Meanwhile, BTC price is making a fresh upward move as Bitcoin recovers from $29,247
Since May 19, the market has been range-bound between $31,000 and $40,500. For the past month, buyers and sellers have been in a price tussle over the direction of Bitcoin. In the meantime, buyers are in control as Bitcoin makes an upward move. On the upside, if price breaks and closes above the resistance line of the horizontal channel, the uptrend will resume.

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