After the price drop on Friday and a range-bound weekend, Bitcoin’s price has rebounded to $110,000 following U.S. President Donald Trump’s decision to pause the tariffs against the European Union, which were scheduled to start on June 1. Just two days earlier, the president had threatened to impose these tariffs due to the slow progress in trade negotiations with the EU.
In addition to Bitcoin, most major altcoins have also seen gains, with many analysts anticipating another new all-time high for Bitcoin in the near future.
At the time of writing, Bitcoin is trading at $109,700, up by 2.12% in the past 24 hours. Along with this price increase, the total market cap of Bitcoin reached $2.18 trillion, with a 24-hour trading volume of $28.64 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin made a new all-time high in the recent trading sessions with a strong bullish momentum. Presently, it has slightly recovered from the correct from its all-time high and is trading in a sideways market.
Currently, Bitcoin is trading around $109,700 with a first level of support at $109,130. If the price manages to break this level, we can see a downfall to the next support at $107,886, and a decline in price below this level will push the price to fall to the price level at $106,565.
On the upside, we can see in the chart that the first level of resistance is at $110,282, followed by the next resistance at $111,877 and $113,943. If the price manages to break above the first level of resistance this level we can see an upside movement to the next level of resistance in the next trading sessions.
In Closing
Currently, Bitcoin is experiencing a sideways movement, and if it manages to break the sideways range, a bullish momentum can be seen in the next trading sessions.
If the price successfully breaks through these resistance or support levels, we can anticipate a directional trend in the upcoming trading sessions.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
