Bitcoin Price Prediction for June 14
Bitcoin (BTC) has dipped 0.11% and is trading at $105,056. The price is near local support at $104,834, with potential risks of a dip towards $104,000 if there is no recovery. Currently, Bitcoin is in a sideways pattern within a wider channel, with resistance at $112,000 and support at $100,764.
As the weekend begins, Bitcoin (BTC) has experienced a slight decline of 0.11% over the last 24 hours, according to insights from CoinStats. The current trading rate is pegged at $105,056; however, there is some concern. The hourly charts indicate that Bitcoin is approaching a local support level around $104,834. A failure to rebound by the close of the day could indicate a drop towards the $104,000 mark.
Looking at the broader time frames, there seems to be a struggle for bullish momentum. After a recent bullish bar closure, buyers have not been able to maintain the uptick. Additionally, Bitcoin’s price is now distanced from critical levels, hinting at minimal volatility expected for the remainder of the week. Therefore, significant price swings appear unlikely for the time being, according to TradingView insights.
From a mid-term perspective, market movements appear to show a similar trend. Bitcoin is currently trapped within a wide price channel, with support at $100,764 and resistance at $112,000. The decreasing trading volume suggests that sideways trading at these current levels may continue, as traders wait for a clearer directional signal. Overall, the indicators point to a rather stagnant trading environment for the foreseeable future.
In summary, Bitcoin’s current trading conditions reflect a cautious approach among investors. With the price hovering around $105,056 and nearing key support levels, any significant movements seem implausible in the short term. As it stands, Bitcoin appears caught in a range with sideways trading expected unless a breakout occurs.
Original Source: www.tradingview.com
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