• Bitcoin (BTC/USD) worked to remain above the 30000 figure as the pair encountered month-ending volatility.
• BTC/USD notched a June gain of approximately 11.9% and is now up approximately 83.5% year-to-date.
• Technicians are closely watching to see how much technical support develops around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460 .
BTC/USD Tests 38.2% Retracement
Bitcoin (BTC/USD) faced month-ending volatility in the Asian session that saw a rapid depreciation to the 29417.14 area, representing a test of the 38.2% retracement of its appreciating range from 26165.98 to 31443.67 .
June & Year-to-Date Gains
Despite this quick downward move, BTC/USD notched a June gain of approximately 11.9%, and is now up an impressive 83.5% year-to-date . The pair’s recent print around the 31443.67 area was a twelve-month high and test of an upside price objective associated with buying pressure that strengthened around the 26637.41 area .
Upside Price Objectives & Stops
Additional upside price objectives for BTC/USD include 31737 , 32125 , and 33569 areas, while stops are cited above additional upside price objectives around 31674 , 32043 , 34531 , and 34658 areas .
Areas Of Technical Support & Buying Pressure
Following recent selling pressure , potential technical support and buying pressure can be found in areas such as 29863 , 29427 , 28886 , 28804 , 28182 , 28096 and 27306 levels . Stops were recently triggered above additional upside price objectives at 29068, 29159, 29458, 30088, 30200, 30292 and 30477 levels too .