Bitcoin hits $ 30,000, former BitMEX CEO expects $ 25,000 as 'local bottom' for BTC price

Bitcoin (BTC) bounced back to $ 30,000 before the opening of Wall Street on June 2 as cryptocurrency markets remain lazy.

1 hour candle chart of the BTC / USD pair (Bitstamp). Source: Trade View

“Critical Breakout Rejection” on Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed hit highs of $ 30,182 BTC / USD on Bitstamp after falling to close to $ 29,300 overnight.

Amidst a tough backdrop for stocks, bitcoin has recently hit gains, with Cointelegraph contributor Michaël van de Poppe arguing that $ 29,000 needed to be maintained to avoid a larger rate.

“Cascade further south for bitcoin towards the level that caused the outbreak,” he said. abstract the same day.

“Resistance is above us at $ 30,500 and $ 31,500. We’ll have to see how it goes, we need to hold between $ 29,200 and $ 29,300 to avoid any massive breakouts.”

A tweet later highlighted what Van de Poppe described an intraday “critical breakout” level that acts as a resistance.

A vital simulator for #Bitcoin refusing. pic.twitter.com/vYdLUlNxyw
– Michael van de Poppe (@CryptoMichNL) June 2, 2022

Critical Break for #Bitcoin Rejection. pic.twitter.com/vYdLUlNxyw – Michaël van de Poppe (@CryptoMichNL) June 2, 2022.

Analyzing the yield of lower bitcoin, Content Indicators, a chain analytics resource, showed the volatility generated by large investors.

“Large orders pushed the price all the way to the top and then switched sides, along with the whales that are now starting to sell on the market, a few $ 1m + purchases on the support,” he said. he reads. Explanation on Twitter.

The BTC / USD pair therefore remained firmly anchored in a narrow trading range that had been in place since the second week of May.

BTC price floor sparks some optimism

Meanwhile, one of the most famous figures in the industry has given reason to believe that bitcoin could not face much deeper corrections.

Related: 6/1 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

In his last post published on June 2, Arthur Hayes, the former CEO of derivatives giant BitMEX, argued that last month ‘s minimum may have been as low as everyone was waiting.

He drew attention to data from the analytics firm Glassnode chain, which showed declines in the BTC / USD pair from the year ‘s highs to date.

Looking at previous half cycles, strong support should be around $ 25,000 as the line marked $ 69,000 the highest ever.

“Don’t take these levels as an exact science. An exchange could be traded at a higher or lower intraday level than seen on node glass,” Hayes said.

“The goal is to be generally correct, and with a little approximation we can establish a range that is where we think the floor is local. In the case of Bitcoin, it’s between $ 25,000 and $ 27,000. I In the case of Ether, it’s between $ 1,700 and $ 1,800. “

*Annotated chart of BTC / USD decline from all-time highs. Source: Arthur Hayes / Entrepreneur Handbook*

However, as Cointelegraph reported, the same data was used earlier in the week to deliver a more bearish BTC price target.

Hayes himself, meanwhile, said he would be a “buyer” of bitcoin at $ 20,000 and ether (ETH) at $ 1,300.

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