Bitcoin traded in a tight range for the month of June. That is, a tight range for the cryptocurrency market. At the extremes, the price action reached below $29k on the downside and above $40k on the upside.
But the bias remains bearish moving forward. Bitcoin has found support (for now) in the $30k area. It bounced from it five times in a row. However, every bounce was followed by unconvincing price action. Also, the series of lower highs remains in place, so traders cannot ignore the possibility that the market forms a descending triangle.
Now that the end of the month is upon us, it will be interesting to find out what Tesla did with its $1.5 billion purchase of Bitcoin. If the company reports at its upcoming quarterly earnings that it sold its Bitcoins, that might be just the trigger to push the market through support.
Bitcoin Technical Analysis
Bears may want to wait for a daily close below the $30k level. The market did stretch all the way down to the $28k area, but it bounced on an intraday basis. Therefore, only a close below $30k should be viewed as a confirmation that the support broke. The previous lower highs should serve as invalidation while a risk-reward ratio of 1:2 helps to set the right take profit level.
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Bitcoin Price Forecast
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