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Bitcoin Price Prediction: BTC/USD Breaks Above $9,700 In A Bullish Surge

Bitcoin (BTC) Price Prediction – June 22

Bitcoin price lags breakout above the previous support levels and likely to blast it above $9,800.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,500, $10,700, 109,900

Support Levels: $8,500, $8,300, $8,100

BTCUSD – Daily Chart

BTC/USD is back with a bang as it kick-starts the new week on a positive note touching the daily high of $9,787 resistance level. Before the coin could close yesterday, it has initiated a downtrend after it found a support level below $9,400. Today, the price of Bitcoin is rebounding and it has already formed a few higher highs while tracing a bullish trend line.

However, the market is currently trading above the 9-day and 21-day moving averages, where the buyers are anticipating for more breakout into the higher level. Meanwhile, the $9,800 and $9,900 levels may further surface as the key resistances should the $9,700 level holds. However, a strong bullish spike may take the price to $10,500, $10,700, and $10,900 levels.

Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop below the lower boundary of the channel and should this barrier fails to contain the sell-off, traders may see a further roll back to $8,500, $8,300, and critically $8,100. The RSI (14) suggests an upward movement for the coin as the signal line moves above the 55-level.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

The 4-hour chart reveals that the price of Bitcoin (BTC) is currently trading around $9,673 and well-above the 9-day and 21-day moving averages after a reversal from $9,264 that occurred in the early hours of today’s trading. However, the 4-hour chart shows that the bullish supply is becoming heavy in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

However, if the buyers could put more effort and energize the market, they can further push the price to a $9,800 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to test the $9,950 and above. In other words, the RSI (14) is currently moving into the overbought zone, but when it turns down; the bears could step back into the market and bring the price to the support level of $9,400 and below.

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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.