The current price action of Bitcoin suggests a potential correction towards the $93,000-$94,000 range. Analyst Burak Kesmeci provides insights based on several technical indicators supporting this forecast.
Current Market Situation for Bitcoin
Bitcoin remains above the psychological level of $100,000 despite a recent peak of around $108,000. In recent days, the cryptocurrency has traded within a narrow band between $103,000 and $106,000, indicating lackluster price performance.
Technical Indicators and Their Significance
Kesmeci's analysis shared on the X platform on June 21 highlights key technical factors supporting his bearish outlook. The Fixed Range Volume profile indicates significant resistance around $95,000. Additionally, Bitcoin's position relative to the 50-day moving average near $105,000 signals potential further declines.
Outlook and Key Levels
Kesmeci's target of $94,000 stems from volume profile analysis. This zone could provide support in potential selloffs, offering buyers an entry point. The convergence of the 200-day moving average near $95,000 reinforces the bearish scenario for Bitcoin. Current market conditions show Bitcoin trading at approximately $101,596, marking a 1.3% decline over the past 24 hours.
Analysis from Burak Kesmeci indicates a potential downward pressure for Bitcoin towards the $93,000-$94,000 support zone. The confluence of resistance at $95,000, deteriorating RSI conditions, and proximity to key moving averages create a challenging environment for Bitcoin bulls in the coming weeks.
