Bitcoin (BTC) Price Analysis for June 18


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Denys Serhiichuk

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Can Bitcoin (BTC) come back above $20,000 by the end of the week?

The fall of the market has continued over the weekend, and all of the top 10 coins have continued their fall.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has broken the vital $20,000 mark, falling by 7% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local time frame, Bitcoin (BTC) has formed the support level at $19,047. At the moment, one needs to pay close attention to it as, if buyers again lose the initiative, there are chances to see the drop to the $18,500 area shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, no one is willing to buy Bitcoin (BTC) currently as the price is trading below the peak of $2,018. In addition, the selling volume is high, confirming bears’ pressure. Likewise, daily closure below $19,000 could cause a prerequsite for a further decrease.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the mid-term point of view, Bitcoin (BTC) is trading below the mirror level at $19,490. If buyers can return the price above it by the end of the week, one can expect a return to the $20,000 area within the next few days.

Bitcoin is trading at $19,115 at press time.


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