Bitcoin Price Analysis for June 18, 2024

Bitcoin continues to trade within the support range of $65,200–$66,800 and the resistance zone of $70,900–$72,700.

We can almost observe in real-time how the market reacts to this support level, which will likely dictate the asset's next direction.

If buyers cannot sustain the price above the crucial psychological level of $65,000, the coin may decline to the zones of $62,500–$63,500 and $60,880.

However, such a drop should not be interpreted as the beginning of a trend reversal but rather as a correction within an overarching upward trend.

For continued growth and to reach new highs, Bitcoin needs to break through the $70,900–$72,700 zone on significant trading volumes.

Until this occurs, we can expect the market to remain flat for several more weeks.

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