Bitcoin Price Prediction for June 28th, Support at $30.2k, Resistance at $30.5k

Updated: 28 June 2023

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Bitcoin’s price saw a sudden spike up on Tuesday, June 27th, which took it all the way up to $31k. This was the third instance of the price trying to breach the $31,000 resistance in the past seven days. The first attempt took place on June 23rd, and it was the only successful one, although the price soon corrected.

On June 27th, however, the price stopped its surge just short of the resistance, leading to a correction that trapped it between a support at $30,450 and a resistance at $30,750 for the rest of the day.

With the start of June 28th, the price broke the support and spiraled down to $30.2k, from where it started to ascend once again. The new price increase took the coin’s value to $30,350, which is where it sits at the time of writing.

Looking at the current situation, the experts believe that the coin might sink back to $28k if it fails to breach the $31.4k level.

After the drop, they expect another price surge back to $31.4k, which is likely to be broken at that point. After that, the price will try to reach levels such as $34.9k and $40k, according to current predictions.

Others agree that Bitcoin will remain bullish in the short term, and the longer it continues to trade sideways, the stronger the bullish bias will become.

According to one analyst, the coin’s main support represents a level between $29.5k and $29.8k. A bearish scenario is considered out of the question as long as the coin stays above this range.

Right now, the chart is too strong for the bears to take over the more dominant bulls, as the analyst claims. Bitcoin continues to trade sideways, and the analyst argues that this is good for the asset. Based on everything they have seen, they remain convinced that the coin is still 100% bullish.

Crypto community continues to speculate around ETFs

Bitcoin’s bull run has now been going strong for almost two weeks, ever since BlackRock filed its Bitcoin ETF with the US SEC. Since then, several other firms filed or re-filed their own proposal, with Cathie Wood’s ARK Investment Management positioning itself as a leader in the BTC ETF race.

The community is watching how the new developments continue impacting the rally.

Apart from that, Bloomberg’s senior ETF analyst, Eric Balchunas, said that BlackRock has a 50% chance of getting approved.

Another reason we give spot bitcoin ETF approval 50% chance is our senior legal analyst @NYCStein gives Grayscale a 70% chance of winning case against SEC, who could approve BlackRock's ETF as way to save face using trusted 'adult' TradFi cos & stick it to Grayscale via @JSeyff pic.twitter.com/pHydOcpuQo

— Eric Balchunas (@EricBalchunas) June 27, 2023

The prediction comes after an observation made by a senior litigation analyst at Bloomberg Intelligence, Elliott Stein. According to Balchunas, the SEC might look more favorably at BlackRock’s ETF filing as a way to save face.

Bitcoin miners have sent over $1 billion in BTC to exchanges

Another interesting development came from Bitcoin’s own miners. According to recent data published by analytics company CryptoQuant, miners have sent over 33,860 BTC to derivatives exchanges. Based on the current price, the amount is over $1 billion, and most funds have been recovered to proprietary wallets.

Miners sent over $1 billion in $BTC to exchanges.🔥

Quicktake Post by @caueconomy

Thread🧵 pic.twitter.com/8cdYBE3ezV

— CryptoQuant.com (@cryptoquant_com) June 28, 2023

This behavior is interesting, as the miners usually wait for high prices in order to earn as much as possible and pay the high cost of mining the asset. CryptoQuant analyst said,

This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities. A good example of this type of trading is known as “hedging”, which uses bets in the opposite direction to market consensus.

1/ The activity of miners' portfolios has been since June 15th, pointing to signs of currency outflows, which have been heading towards exchanges.

Around 33,860 $BTC has been sent to derivatives exchanges, although the majority has been recovered back to proprietary wallets.

— CryptoQuant.com (@cryptoquant_com) June 28, 2023

Wall Street Memes is less than $30k away from hitting $11 million raised

While the crypto industry continues to debate about Bitcoin, Wall Street Memes (WSM) is another cryptocurrency attracting massive attention and money. The emerging meme coin is still in its presale, which is becoming one of the most successful ones in recent history. The project has nearly raised $11 million, currently only around $23k short of reaching this milestone.

Its token, WSM, is currently selling at the price of $0.0304 per unit, and in about two days, its price will jump to $0.0307 as the presale enters its next phase. Interested buyers can obtain the token in exchange for Ethereum or Tether or buy it with credit or debit cards.

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