Overview:
• Bitcoin (BTC/USD) traded sideways early in the Asian session and ceded some recent gains after hitting its strongest level since June 2023.
• Upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels.
• Downside price objectives include the 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230 and 17196 areas.
Price Activity
Bitcoin (BTC/USD) traded sideways early in the Asian session as the pair orbited around the 28004.20 level which is associated with previous buying pressure around the 16326.16 and 20370.01 areas. The pair recently hit its strongest print since early June 2023 trading as high as 28578.63 level before giving up some of its gains and heading back down to lower levels again. Stops were elected above 27901.68 and 28004.20 levels during this ascent with upside price objectives including 29244.66 , 29639 .37 , 30127 .80 , 30275 .12 , 30763 .09 , and 31477 .37 levels.
Buying Pressure
Downside pressure from buyers emerged around 27218 .36 during a brief pullback which is related to buying pressure that strengthened around 15460 level pushing BTC/USD from 24064 .72 area during another recent pullback representing 78 .6 % retracement of depreciating range from 25288 .88 to 19568 .52.