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Bitcoin will experience a ‘long bear market’ according to a trader as the BTC price is still stuck at $ 19,000

Bitcoin will experience a 'long bear market' according to a trader as the BTC price is still stuck at $ 19,000

Bitcoin (BTC) recently failed to recoup its losses on July 2 as traders prepare for further price stagnation.

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

“Acceleration of the downward trend” is still in place

Data from Cointelegraph Markets Pro and TradingView found that the BTC / USD pair was flat and aloe around the $ 19,000 mark over the weekend.

Unsurprisingly, Wall Street trading week came to an end, with US equities almost flat – which did much to boost cryptocurrency volatility. The US Dollar Index, or DXY, fresh from a retrial of 20 – year highs, failed to circle 105 points.

Hourly chart of the US Dollar Index (DXY). Source: Trade View

Order book data from the world’s largest exchange, Binance, shows that the BTC / USD pair is stuck between buying and selling liquidity close to the spot price, ensuring a lack of volatility until traders move or trade. great for offers or requests.

BTC / USD (Binance) order book details. Source: Content Indicators

Zooming out, the outlook was not much stronger for the bulls.

For a well – known Altcoin Sherpa trading account, the current conditions promise a long period of uninterrupted bitcoin performance that could well last in 2022.

“It will be months before bitcoin can build up when it hits the bottom,” he said. declared for his Twitter followers.

“It simply came to our notice then. We need to be prepared for a long bear market ”.

Trader and analyst Rekt Capital echoed this sentiment, arguing that bitcoin has not yet reached the new macro-lows or has begun to consolidate.

#BTC could very well be in the “accelerating downturn” phase of its correction. But this stage will precede the “consolidation over several months” phase. Who will precede the “New Macro Uptrend” stage $ BTC #Crypto #Bitcoin
– Rekt Capital (@rektcapital) July 1, 2022

“Get rid of your leverage. Put your bitcoins in cold storage. Stay seated, ” added Checkmate, chief chain analyst at research firm Glassnode.

Will the all-time highlights of the volume echo for 2018?

The first week or two could be the start of this cycle, which would give hope to those who believe that the bottom of the wave will not be reached for several months.

Read also: July 1 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

I Twitter feed Published today, economist, trader and entrepreneur Alex Krueger noted that BTC’s nominal numbers hit all – time highs last month.

“Typically, trading volumes are highest when markets are capitalizing,” he explained.

Trading volumes are usually highest when the markets are capitalizing, and this capitalization creates significant lows. This weekly chart includes the aggregate volume of bitcoin for most BTC pairs (spot and perpetual over exchanges). The volume reached an all-time high two weeks ago. pic.twitter.com/6ONLibQiL2
– Alex Krüger (@krugermacro) July 2, 2022

In the 2018 bear market, he said, the all-time high volume actually occurred several weeks before the low price, and if this time is confirmed around the trend, July could be the crime scene next downside.

Previously, Rekt Capital argued that the volume of purchases was not strong enough to support further price increases in the long run, citing volume movements in 2018.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trades involve risk, you should do your own research before making a decision.

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