Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead.
Bitcoin price inches between trend lines
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to reclaim $26,000 support after the daily close.
The pair had seen a curiously uneventful start to the week, this despite ongoing fallout from United States legal action and markets preparing for a slew of macroeconomic data releases.
Bitcoin thus remained in a narrow range in place since midway through the weekend.
“Risky day for any deep trades,” popular trader Crypto Tony wrote in part of the day’s Twitter analysis, considering upside potential should the support flip occur.
Risky day for any deep trades, but trying this out if we can flip the current supply zone into support ✅ pic.twitter.com/Is00mDPXfV
— Crypto Tony (@CryptoTony__) June 13, 2023
Trading suite Decentrader meanwhile flagged multiple resistance levels to overcome next. It noted that funding rates were climbing, indicating a potential trend reversal already entering.
#Bitcoin Funding rates are starting to climb to 0.01% which typically has been a level for either a pause or a reversal. https://t.co/816f26dDoz pic.twitter.com/6TejFcI7tM
— Decentrader (@decentrader) June 13, 2023
Other traders, including Moustache and Michaël van de Poppe, founder and CEO of trading firm Eight, noted BTC/USD still holding trend lines which could be cause for optimism — specifically, the 21-week and 200-week exponential moving averages (EMAs).
#Bitcoin – Update$BTC is still holding above the (W) EMA 21 line.
Anyone who has been in crypto long enough, knows how significant this line is.
– Falling wedge still active✅
CPI and FOMC this week.
I think we’ll see a lot of volatility. pic.twitter.com/Pgi6qRSQkM— ⓗ (@el_crypto_prof) June 12, 2023
“Ultimately, we’ll see coming few days whether that’s going to sustain or whether we’ll continue this downwards slope,” Van de Poppe commented the day prior about the latter.
CPI day arrives
Macro data prints for the week center on the Consumer Price Index (CPI) due June 13 — just a day before the Federal Reserve announces interest rate changes.
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