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Tuesday, June 10, 2025
Bitcoin could dip below the $20k soon as bulls failed to mount a challenge
Bitcoin has performed well over the past few days, but failed to break above the $21,000 resistance level.
Bitcoin, the world’s leading cryptocurrency, has been performing well in recent days. The coin has risen more than 4% in its value over the past 24 hours and is trading above $20,000 for the first time this month.
The positive performance is in line with the performance of the broader cryptocurrency market. The crypto market has been trending bullish since the beginning of the week, with the crypto market capitalization now approaching $975 billion.
Bitcoin has been trading above $20,000 for the past 48 hours and failed to rise towards the $21,368 resistance level.
BTC has fallen less than 1% over the past 24 hours and could break below the $20,000 support level in the next few hours if the bulls do not dominate the market.
Important Levels to Watch
The BTC/USD 4-hour chart remains bullish despite Bitcoin’s underperformance over the past few hours. However, technical indicators point to a potential bearish turn for Bitcoin if the current momentum holds.
The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day RSI 62 also shows that Bitcoin could enter overbought territory if a sustained uptrend can be achieved.
At press time BTC is traded at $20,205 per coin. If the bulls do not dominate the market, Bitcoin could fall below the first major support level of $19,581 by the end of the day.
However, the second major support level at $19,026 should limit further downward movement in the short term.
The bulls may regain control of the market and push BTC to the $20,819 resistance level.
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