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Bitcoin Plummets to $12000, Insane Surge Is Coming Soon

Bitcoin (BTC) Price Analysis – June 26

As Bitcoin’s sharp rise looks exciting so does the market becomes more fragile as it continues the bullish behavior which has revealed a strong commitment from the bulls’ side. As of now, the Bitcoin market will continue to experience sudden price surge until the bulls reach an exhaustion point.

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:
Resistance levels: $14000, $15000
Support levels: $12000, $11500

In just 24-hours, Bitcoin has seen a somewhat spike as it the market smashed $14000 a few hours ago. That was a significant 20% gain from the positive surge. Looking at the chart, we can see that the BTC bullish behavior has revealed to be strongly dominant as it unexpectedly changes levels. The sharp move can be related to the current increasing demand which has kept the bulls in the market.

BTCUSD, 1D Chart – June 26

Bitcoin is likely to flaunt $14, 000 and $15, 000 resistances if the bulls continue to hold positions. As of now, selling pressure is likely to play out. Nevertheless, we can expect a slight drop to $12000 and $11500 support levels. From the daily RSI and Stochastic RSI, we can see that Bitcoin is trading at the highest condition, reflecting the recent green market.

BTC/USD Medium -term Trend: Bullish (4H Chart)

Let’s take a look at the medium-term chart as Bitcoin continues to display an impressing performance over the past few weeks. We can see that the buyers have taken the BTC price beyond the widest imagination price that we could ever think of. Looking at the current market, we saw the huge sell-off to $12000.

BTCUSD, 4H Chart – June 26

However, BTC may rebound to $13700 and $14000 resistances as the BTC dominance is currently estimated at 62.1%. Again, the 4-hours RSI has now signaled a bearish move for the market. The Stochastic RSI has also turned bearish. with this bearish confirmation, we can expect more selling pressure to $12000 and $11500 supports, where the market may possibly refuel the bulls wagon.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.