Is Bitcoin (BTC) unstoppable? June 26 technical analysis

Bitcoin (BTC) recently broke through the psychological $30,000 barrier, which seems like a good time to buy. Here are some interesting buying areas.

A potential increase of 23% is possible

After a long two-month correction phase, the queen of cryptos has changed course. It rebounded from a critical support level of $25,200 and then surpassed its annual high. This resurgence of the bull run has been encouraged by the increasing interest of major financial players, such as BlackRock, in cryptocurrencies. This has created a positive atmosphere in the industry, leading to a 20% increase in the price of Bitcoin (BTC).

In addition, the IMF’s statement that banning cryptocurrencies would be a bad idea added to the upward pressure. All these factors pushed BTC over the $30,000 mark. But also, they could potentially lead to a 23% increase on the current price.

Indeed, the last time bitcoin (BTC) exceeded its annual high, this was followed by a 23% rise from that level. Therefore, if this trend repeats itself, the price of this cryptocurrency could reach $38,500. That’s why buying bitcoin at this stage could be worthwhile.

Bitcoin (BTC): attractive buying areas

Before continuing to rise, the price of BTC could experience a slight retracement. On the H4 chart, the area around $28,331 represents an interesting buying zone. It corresponds to a critical resistance/support level since May. What’s more, half of last week’s price range lies close to this zone. So, in the event of a dip, a bullish market recovery could be expected from this level.

If Bitcoin (BTC) directly surpasses the new annual high at $31,475, that could also present a buying opportunity. However, if the level of $26,331 is broken downward, this bullish hypothesis would be invalidated. Nevertheless, the resumption of the bullish market appears promising as the price structure of Bitcoin (BTC) has changed with last week’s major rebound.

Entry point: $28,331;

Stop : 27 000 $;

Target: $38,475.