Битцоин (BTC) recovered to $30,000 prior to the June 2 Wall Street open as feet remained cold across crypto markets.
“Crucial breaker rejecting” on Bitcoin
Подаци из Цоинтелеграпх Маркетс Про ТрадингВиев showed BTC/USD climbing to local highs of $30,182 on Bitstamp after wicking down to near $29,300 overnight.
Amid testing times for equities, Bitcoin followed in giving up recent gains, with Cointelegraph contributor Michaël van de Poppe insisting that $29,000 needed to hold to avoid more serious retracement.
“Cascade further south for Bitcoin towards the level that caused the breakout,” he сажети на дан.
“Resistances above us are $30.5K and $31.5K. Let’s see how it goes, has to hold $29.2–$29.3K to avoid any massive breakdowns.”
A subsequent tweet highlighted what Van de Poppe described as an intraday “crucial breaker” level acting as resistance.
Crucial breaker for #Битцоин rejecting. pic.twitter.com/vYdLUlNxyw
- Мицхаел ван де Поппе (@ЦриптоМицхНЛ) Јун 2, 2022
Analyzing what led Bitcoin to reverse downward, meanwhile, on-chain analytics resource Material Indicators pointed the finger at large-volume investors engineering volatility.
“Large orders chased price to the top, then switched sides, alongside whales starting to market-sell. Now, some buying by $1M+ on support,” part of an explanatory Twitter post читати.
BTC/USD thus remained firmly in a narrow trading range in place since the second week of May.
Positivity creeps in over BTC price floor
Релатед: Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
У свом најновијем посту на блогу ослобођен on June 2, Arthur Hayes, former CEO of derivatives giant BitMEX, argued that last month’s bottom could well have been the bottom that everyone was looking for.
He flagged data from on-chain analytics firm Glassnode, which presented BTC/USD drawdowns from all-time highs over the years.
Looking back at past циклуси преполовљења, there should be strong support at around $25,000, given that $69,000 marked the latest all-time high.
“Don’t take these levels as an exact science. There could be an exchange that traded at a higher or lower intraday level than what’s observed on glassnode,” Hayes reasoned.
“The point is to be generally correct, and with a bit of fudging around the edges we can approximate a range that corresponds to what we believe is the local bottom. For Bitcoin, that’s $25,000 to $27,000. For Ether, that’s $1,700 to $1,800.”
As Cointelegraph reported, however, the same data had been used earlier in the week to deliver a more bearish BTC price target.
Hayes, himself, has said that he would be a “buyer” of Bitcoin at $20,000 и етар (ETH) на 1,300 долара.
Овдје приказана стајалишта и мишљења су искључиво становишта аутора и не одражавају нужно ставове Цоинтелеграпх.цом. Сваки потез улагања и трговања укључује ризик, приликом доношења одлуке требало би да спроведете сопствено истраживање.
Source: https://cointelegraph.com/news/bitcoin-touches-30k-as-ex-bitmex-ceo-hopes-25k-marks-btc-price-local-bottom