#BinanceTournament #TopCoinsJune2024 #BTC☀ #BTC #BlackRock Bitcoin (BTC) Analysis - June 14, 2024
Current Price and Market Overview
Current Price: $66,744.00 (as of June 14, 2024) 1.
Market Cap: Approximately $1.31 trillion 2.
Trading Volume (24h): $36.06 billion 2.
Circulating Supply: 19.71 million BTC 2.
Technical Analysis
Short Term
Trend: Bitcoin has broken the floor of the rising trend channel, indicating a weaker initial rising rate.
Signals: Negative signals from the double top formation and breakdown through support at 67,682.
Resistance Levels: 67,700 points.
Support Levels: Further decline to 64,409 or lower is signaled.
RSI: Diverges negatively against the price, indicating a potential downward reaction.
Overall Assessment: Technically negative for the short term 1.
Medium Term
Trend: Bitcoin has broken through the floor of a rising trend channel, indicating a slower rising rate or a more horizontal development.
Resistance Levels: Approaching resistance at 71,000 points.
Signals: Negative signal for the short-term trading range.
RSI: Falling trend, potentially signaling the start of a falling trend for the price.
Overall Assessment: Slightly negative for the medium term 13.
Long Term
Trend: Bitcoin is testing resistance at 70,000 points.
Signals: Potential negative reaction at resistance, but an upward breakthrough would be positive.
Overall Assessment: Technically neutral for the long term 1.
Market Sentiment and Predictions
Short-Term Correction: Bitcoin is bracing for a potential short-term correction despite record BTC ETF inflows 4.
Price Discovery Phase: Analysts predict Bitcoin might enter a price discovery phase soon, targeting $85,000, but with expected volatility 5.
Resistance and Support: Key areas of interest include $64,000, $67,000, and $70,000, with potential for a reversal if strength does not pick up 6.
Technical Indicators Summary
RSI (14): 46.578 (Neutral) 7.
Stochastic (9,6): 99.616 (Overbought) 7.
MACD (12,26): -194.4 (Sell) 7.
ADX (14): 25.331 (Buy) 7.
Williams %R: -0.488
