On the weekly timeframe, the Bitcoin remains in the ascending channel; however, a decline to the support line may turn into a breakaway and a decline to the psychologically important level of $7,000.
On the weekly timeframe the Bitcoin keeps demonstrating an uptrend, preparing a new impulse of growth after a declining correction.
The BTC has been undergoing a correction for two days already. Generally it is trading at $11,500.
After a week span of bearish market conditions, the number one cryptocurrency Bitcoin is back on track and currently trading above $11,000 price level.
The BTC is correcting on June 27 after having made new local highs, and is trading around $12,182.
Analysts are pretty sure in their claims that Bitcoin prices could match their all-time high of $20,000 within the next two weeks, and, could actually hit $50,000 or $100,000 by the end of the year.
After the pullback, the Bulls may push up Bitcoin price to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.
Bitcoin price respected the $11,311 level and retraced towards $10,168 level. The crypto retested the level second time on June 23, it is currently pulling back before the continuation of Bullish trend.
Bitcoin price breakout at the resistance level of $9,398 by the Bulls will expose the $10,016 resistance level which may be its target. Should the Bears gain enough pressure and break down the support level of $8,879 the price may decline to $8,565 level.
After the retracement, in case the Bulls gain more pressure to break up the resistance level of $9,398, Bitcoin price may target $1,016. Should the Bears defend the $9,398 level, BTC price may continue ranging within the $8,879 and $9,398 levels.