Bitcoin price analysis
Bitcoin made a significant recovery after approaching the critical support at $25,250 on June 6. This shows the determination of the bulls to defend this price. However, Bitcoin’s recovery is facing selling pressure near the moving averages.
Bitcoin’s rally is a positive signal for the crypto community, indicating the market’s resistance to bearish pressure. The defense of the critical support at $25,250 also creates a solid basis for Bitcoin to continue its upward move in the future.
Investors are betting on the Bitcoin price to rise to $25,250 and there will be efforts to push the price to this level. This remains an important price level that needs to be watched, as a break and close below this level could open the door to a drop to $20,000. Such a sharp drop could delay the next advance of the uptrend.
Traders plan to buy on a drop between $25,250 and the support line of the channel. They hope that the aggressive buying in this range will help push the price above the resistance line of the channel and signal the end of the correction. If this happens, the BTC/USDT pair can continue to rally towards $31,000.
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