On the Daily TF, BTC has been trading in a range of $31,000 to $41,000 since May 19th. It is forming a horizontal channel kind of pattern and currently, it is trading between the lower and middle band of the channel. On the downside, immediate support is present at $32,500, if it decisively breaks this level, the next support is present at $30,000 followed by $28,000.
On the higher side, BTC has not been able to close above its 20-DEMA which is present at $36,200, once we get a daily closing above this level, the next potential hurdle is presented by its 50-DEMA which is placed at $38,000 followed by the major resistance in the range of $41,000 to $41,500.
As per the formation, BTC is still in the phase and is still in process of making the 5th corrective wave and can make a low of $24,000 before its cycle is over. However, a pullback can be expected till the level of $38,000 before the next downside wave. Weekly is signalling a negative bias.