Bitcoin (BTCUSD) Price to Increase More

Bitcoin (BTCUSD) Price Forecast: June 11

The Bitcoin market has regained its bullish momentum today as it crosses the supply level struggling to recover from the recent market downturn. The coin continues to face buying pressure as broader crypto market correction continues to reflect on the bullish momentum. If buyers exert more force into the price action in the market, the $110k high trend line might be retested and extend to its target price level at $120k, bringing a downpour of gains to the entire crypto market.

Key Levels:
Resistance Levels: $105k, $106k, $107k
Support Levels:    $79k, $78k, $77k

BTC (USD) Long-term Trend: Bullish (Daily Chart)

Today, BTCUSD’s price crosses the $105k supply level as the market struggles to recover from the recent broader crypto market downturn. The price trend is above the EMA line, indicating a bullish market.
However, the previous action at the $105,784 high level in the last session has contributed to the crypto’s bullishness in its recent correction.

The Bitcoin price increased to the $106,243 resistance mark above the moving averages as the daily chart opens today, indicating that the traders are actively buying at this level.

Hence, a possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery to hit the $110k peak barrier point, if recovery gains strength.

Similarly, the market is pointing upwards on the daily signal; this will quicken the emergence of more buyers to move the price of BTCUSD to a significant level on the upside and increase towards the $120k upper resistance trend mark in its higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

The largest cryptocurrency (Bitcoin) crosses $105k despite the interference of short-term traders in the price flow in its medium-term outlook.
The coin price is recovering and gaining more strength above the supply levels, suggesting a bullish market. Thus, buyers are gradually and steadily gaining more strength in the market.

The BTCUSD price increased towards the resistance level at $106,243 earlier today, indicating that bullish sentiment is about to return to the market, leading the coin price to a retest of $110k previous high level.

Thus, a possible breakout from the $106,243 neckline will accelerate the buying momentum and push prices higher to hit the $111,749 previous resistance levels as the buying pressure mounts, bolstering more buying pressure on the crypto to the upper resistance levels.

Additionally, if BTCUSD buyers could hold above the $111,749 high mark and close a candle, closing above the mentioned resistance will signal a potential BUY. As a result, the crypto price could increase towards the $120k upper resistance value in its medium-term outlook.

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