• Bitcoin (BTC/USD) tested the 38.2% retracement of its appreciating range by dropping to the 29417.14 area.
• BTC/USD notched a June gain of approximately 11.9%, and is now up 83.5% year-to-date.
• Technical support and buying pressure are expected around the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas.
BTC/USD Tested 38.2% Retracement
Bitcoin (BTC/USD) worked to remain above the 30000 figure early in the Asian session as the pair encountered month-ending volatility that saw a rapid depreciation to the 29417.14 area, representing a test of the 38.2% retracement of the appreciating range from 26165.98 to 31443.67 . This quick downward move took place shortly after BTC/USD spiked higher to the 30277 area, its strongest print in several trading sessions, indicating a possible test of levels below this threshold such as 28604.83 area for potential technical support and buying pressure in future price movements..
June Gains & Year-To-Date Performance
BTC/USD notched a June gain of approximately 11.9%, indicating bullish sentiment throughout this period before entering July with potential for further gains or corrections depending on market activity over coming weeks and months ahead while it is still up 83.5% year-to-date showing increased investor interest in cryptocurrency markets over time regardless of short term fluctuations and volatility..
Upside Price Objectives & Stops
The recent print around the 31443.67 area was a twelve-month high and test of an upside price objective associated with buying pressure that strengthened around 26637.41 area which opens up additional upside price objectives including 31737 , 32125 , 33569 areas all along with corresponding stops cited above these levels at 31674 , 32043 , 34531 , 34658 areas respectively..
Technical Support & Buying Pressure
Following recent selling pressure , areas of potential technical support and buying pressure include the 29863 , 29427 , 28886 , 28804 , 28182 , 28096 , 27306 areas along with recent stops triggered above additional upside price objectives around 29068 , 29159 , 29458 , 30088 , 30200 , 30292 and 30477 levels respectively..
50 & 100 MA Indicators
Technicians are closely watching to see how much technical support develops around 28095.44 area representing 23