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Bitcoin Price Update: June 16, 2021

For the first time since the major correction occurred, BTC has crossed 200 EMA resistance in the higher time frame of the 4H chart.

Bitcoin has entered a bearish trend since Tesla renounced their decision to accept Bitcoin as a payment method. Usually, the price moves between support and resistance of $30,000 and $41,000 respectively.

The G7 summit was expected to create a great FUD against bitcoin and push it below $25,000 but it passed without any bitcoin news.

The following week was good as Tesla revealed that it sold only 10% of its bitcoin holdings and can again start accepting bitcoin as a payment method: keep that in the eye, we predicted the price of bitcoin to touch $40,000 and it happened the same day.

The situation as now is a bit risky as bitcoin has twice rejected the resistance of $41,900 and three times flirted with support below 39,700 coming out of another wedge after failing to rise from a bullish flag.bitcoin

For the first time since the major correction occurred, BTC has crossed 200 EMA resistance in the high time frame of the 4H chart. For a proper break out we will need to have the 4H candle closing along with 2-3 more 4H candle formation with good volume above the resistance level to consider it a proper breakout.

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The next level we face is much heavier at 41500 USDT. To break out, we will need a daily closing above the resistance level and a minimum of two candles of 4H.

This article provides a fair market preview however, it is not financial advice, DYOR.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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