Bitcoin Price Prediction for Today June 12: BTC Price Drops to $26K as Bears Maintain Selling Pressure

Sellers Attempt To Sink Bitcoin as Bears Maintain Selling Pressure – June 12, 2022

On June 11, the bears broke the crucial support of $28,600 as bears maintain selling pressure. The cryptocurrency is now hovering above the $27,200 support. The selling pressure will resume once the current support is breached. BTC/USD is trading at $26,029 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $26,529.68
•Bitcoin market cap – $503,899,455,452
•Bitcoin circulating supply – 19,065,900.00 BTC
•Bitcoin total supply – $554,638,342,775
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000

Today, BTC’s price drops to a $27,366 low but pulls back above $27,400 support. For the past few hours, the cryptocurrency has been fluctuating between $27,400 and $28,400 price levels. The bears have broken the current support of $27,400 as selling pressure resumes. Bitcoin is expected to revisit the previous lows of either $25,401 or $26,591. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but will reverse at level 1.272 Fibonacci extension or $24,352.56. From the price action, BTC’s price has fallen to the low of $26,874.

Bitcoin (BTC) Makes a U-turn Recovery in Global ATM Installations

According to a report, Bitcoin ATM installation numbers dropped to 89.75% by May. This is followed by a dramatic recovery in June. The global ATM installations worldwide dropped consistently throughout the year. In May, it had the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATMs in just the first ten days. The use of Bitcoin as legal tender in El Salvador contributed to the crypto ATM installations last year. Similarly, China’s blanket ban on crypto trading and mining-affected the temporary slowdown in the global ATM installation numbers.

BTC/USD – Daily Chart

Meanwhile, Bitcoin has continued its downward move as bears maintain selling pressure. BTC price has fallen to level 31 of the Relative Strength Index for period 14. It indicates that the market is approaching the oversold region of the market.

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