Bitcoin (BTC) Consolidates Inside a $1.5k Zone, Will Bulls Succeed?
Bitcoin is up 25% from June 2023 lows and could print higher if there is a conclusive close above $31.3k. Improving crypto legislation could drive growth.
The prices of Bitcoin (BTC) are up roughly 25% as June comes to a close, looking at the formation in the daily chart. Firm above $30k, buyers appear confident and are rejecting attempts for lower lows.
Technically, the path of least resistance remains northwards. Despite buyers’ failure to follow through gains of June 21, the anchor trading bar defines the current formation.
As it is, traders can look for entries to buy. However, this forecast holds provided prices are above $29.8k and $30k primary support.
Before there is a clear trend above or below the current sideways movement, conservative traders can stay on the sidelines.
Financial Services and Markets Bill in the UK
Traders are upbeat, confident that prices will edge even higher in the coming weeks. Several fundamental factors could support bulls. For instance, policymakers are hastening their drafting of cryptocurrency-related laws.
In the United Kingdom, King Charles assented to the Financial Services and Markets Bill, effectively converting its content into an act following consensus from the UK legislators. This paves the way for increased regulations of cryptocurrencies, including Bitcoin, and stablecoins like USDT and USDC. With this act, the country’s financial watchdog, the Financial Conduct Authority (FCA), and the Bank of England (BoE) have been vested more powers.
The UK aims to bring cryptocurrencies and stablecoins under their purview as regulators in the United States crack the whip on leading cryptocurrencies, exerting more pressure on altcoins. Their action, as the price chart shows, favors Bitcoin, which has been firm, rising from early June.
Bitcoin (BTC) Price Analysis
Bitcoin is steady in the daily chart, adding 25% in June, firmly concluding H1 2023. The coin is at around 2023 highs at spot rates, soaking in selling pressure as buyers angle to break above $31.3k.
Technically, BTC prices are within a bull bar following the retracement from H1 2023 highs. With overly light volumes, bears have been taking over. However, for now, the primary support is at $29.8k.
As long as prices are firm above this line, traders can look to load the dips, aligning with the anchor bar of June 21 as they target $31.3k. On the other hand, if sellers press on, forcing prices below $30k with rising volumes, BTC may drop to $28.3k and later $27k in a bear trend resumption.
Before then, risk-on, conservative Bitcoin traders can wait for a high-volume breakout in either direction of this sideways movement before committing.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
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