#BTC/USD Forecasts Suggest a Rally to $85,000 in Q3!

3 Haz

📊 BTC/USDT Technical Analysis by Cryptorphic 📊

As of June 3, 2024, BTC/USDT is showing promising signs of a potential breakout. The price action is currently testing the upper boundary of the bullish flag in weekly, with significant support levels around $62000.

🔍 Key Levels:
- Support: $62,959.01
- Resistance: $69,001.80 (Current Price)

The 200 EMA has acted as strong support, with the price bouncing off the highlighted support zone multiple times. The recent bullish momentum suggests a breakout could be imminent.

🟢 Bullish Scenario:
- A breakout above the current resistance of around $69,000 could propel BTC towards the next psychological level of $72,000 and beyond.

According to Fibonacci extension levels, BTC could reach approximately $86,700 within the next 6-8 weeks.

🔴 Bearish Scenario:
- Failure to break above the resistance may lead to a retest of the $62,959.01 support level.

Stay tuned for more updates and trade wisely! 📈
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