• Bitcoin (BTC/USD) briefly dipped below 30,000 figure in the Asian session before rapidly recovering.
• BTC/USD notched a June gain of approximately 11.9% and is now up approximately 83.5% year-to-date.
• Technicians are closely watching to see how much technical support develops around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460 .
BTC/USD Tests 38.2% Retracement
Bitcoin (BTC/USD) encountered month-ending volatility that saw a rapid depreciation to the 29417.14 area, representing a test of the 38.2% retracement of its 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, and opens up a possible test of the 28604.83 area.
June Gains & Yearly Progress
BTC/USD notched a June gain of approximately 11.9%, and is now up approximately 83.5% year-to-date. The pair’s 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 the 26637.41 area; additional upside price objectives include 31737 , 32125 , and 33569 areas, with stops cited above these levels at 31674 , 32043 , 34531 , and 34658 respectively .
Areas Of Technical Support & Buying Pressure
Following recent selling pressure, areas of potential technical support and buying pressure include 29863 , 29427 , 28886 , 28804 , 28182 , 28096 , and 27306 areas; stops were also recently triggered above additional upside price objectives around 29068 , 29159 , 29458 , 30088 , 30200, 30292, and 30477 levels .
50 & 100 Bar Moving Averages
Technicians are closely watching to see how much technical support develops around the 28095