Bitcoin Price Forecast | June 15, 2023

There's a focus on a horizontal top blue line that has functioned as a resistance point. #Bitcoin managed to break through this line but has since come back down to retest it. On its initial attempts, Bitcoin bounced at about $25.2K. However, during its most recent test, it broke down and is now retesting that level as resistance again.

If Bitcoin fails this retest, it is anticipated to fall to a zone around $24,000, previously a pivot high and later a rejection point. If Bitcoin cannot hold this level and continues to fall, the next significant support level expected is at around $21,400.

Historically, Bitcoin has often acted as a leading indicator for the stock market, suggesting potential future market movements. However, Bitcoin and the overall crypto market have been falling recently, which is unusual when juxtaposed with the continued rise of stocks. This downturn is attributed to the SEC's recent crackdown on crypto, viewed as bearish in the short term.

Bitcoin's current technical chart behavior coupled with external factors like regulatory actions suggests a bearish outlook in the near term, with key support levels identified at $24,000 and $21,400. #BTC #Crypto #MarketUpdate