Raising Bitcoin to $ 32,400 was a mistake

The end of the first week of June added further pain to global financial markets, when the high – tech Nasdaq composite on June 3 closed down 2.3%, while the S&P 500 lost 1 .4% of its value.

The cryptocurrency market did not fare well and data from Cointelegraph Markets Pro and TradingView show that a wave of sales that hit the daily low of $ 29,286 hit an early morning attempt to push bitcoin (BTC) above $ 30,000.

Here’s a look at what some market analysts are saying about the prospect for BTC, which is still stuck in a narrow trading range.

The price is stuck in the lower range

Bitcoins were expected to slip back into their current range, according to crypto trader and Twitter feather user Altcoin Sherpa, which posting The following chart shows the recent price pullback in the middle of its trading range.

Bitcoin slipped into its current “expected” range, according to a cryptocurrency trader known on Twitter as Altcoin Sherpa, who posted the following chart highlighting the recent price pull in the middle of its trading range.

Altcoin Sherpa said:

“I feel lower you will probably be in the best position for a long job, but that whole area is bad and the levels are not very clear to me. I’d rather stay at the $ 28,400 level first. #Bitcoin ”.

Another trader and Twitter user, also known as ShardiB2 crying the price pulling back into the trading range, noting that “statements from Elon, Dimon, Goldman, etc. (that the economy is going to be down for a while) weigh the steps”.

ShardiB2 added:

“Isn’t it great, back in our lower channel … it’s worth keeping here or maybe a $ 28,600 visit in order, if we break through we think we’ll hit $ 25,000-26,000. .. ”

A Bitcoin rally to $ 32,400 was just an illusion

EmperorBTC offered another overview of the levels to view a good entry, which post The following chart shows “the high of the previous range acting as a resistance”.

For its part, EmperorBTC said the following:

“It simply came to our notice then that the $ 32,000 run was just a diversion. I did not expect the top of the range before to act as such a strong resistance. I look forward to PoC support [point de contrôle] now and I’m going to put on spotlights. “

Read also: The cryptocurrency market fell in May, but June has a silver lining

The Bulls will win in the long run

A Twitter user provided an estimate of how long cryptocurrencies can be expected to survive the current market struggle with the pen name Crypto Rover, though post in the following chart which highlights the formation of a bullish reversal pattern.

Crypto Rover was added in the comment:

“It could be another 3 months before #Bitcoin finally starts to rise at a significant rate. But one thing is for sure, we are creating a typical bullish reversal pattern for buyers. Time is on our side now. “

The overall market capitalization of cryptocurrencies now stands at $ 1.217 billion and bitcoin’s dominance rate is 46.3%.

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 transactions involve risk, you should do your own research before making a decision.