Past Performance of Bitcoin
Bitcoin prices are back into the early May 2022 trade range, reading from the performance in the daily chart . Even though the scare of June 1 caused massive liquidation, BTC prices held the line on June 2. Presently, BTC prices are back above $30k and within the May 30 bull bar. Technically, this is bullish , but sellers still have an advantage at spot rates.

#Bitcoin Technical Analysis
The path of least resistance is southwards as per the formation in the daily chart . This preview holds provided prices are trading below the primary liquidation level at $32k. Further cementing this preview is the failure of bulls to close above $32k, confirming buyers of May 30. The rejection of higher prices was with relatively high trading levels as the resulting bearish engulfing bar unwound gains posted. Currently, risk-averse traders may stay on the sidelines. This is until there is a clear trend definition, either above $32k or below the support at $28.7k.

What to Expect from #BTC?
BTC prices are within a broader upward-momentum sapping consolidation defined by the conspicuous bear bars from May 9 through 12. This formation also means bears are still in control until there are solid, high-volume breakouts above immediate reaction lines.
Resistance level to watch out for: $32k
Support level to watch out for: $28.7k

Disclaimer: Opinions expressed are not investment advice. Do your research.