Bitcoin (BTC) played it safe with traders on June 28 as Wall Street opened an apartment.
Bollinger sees a ‘logical level’ for the bottom of Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hovering around $ 21,000 on Bitstamp, refusing to enter a firm trend.
However, the pair avoided further signs of weakness, prompting Cointelegraph participant Michaël van de Poppe to speculate that an attack at key levels – especially the 200 – week moving average near $ 22,400 – could be the next route. .
#Bitcoin bounced upwards after sweeping the lows at $ 20.6K.
Honestly, a further correction towards $ 20.3K was expected.
– Michael van de Poppe (@CryptoMichNL) June 28, 2022
#Bitcoin bounced higher after sweeping lows at $ 20.6K. Honestly, I was expecting a further correction towards $ 20.3K. My posts in $ FTM, $ ADA, $ AVAX & $ ETH are still long overdue, as I still assume we’ll see a move towards $ 22.4K and maybe $ 23.1K. pic.twitter.com/dbwYQiuZZL. – Michael van de Poppe (@CryptoMichNL) June 28, 2022
“In the past, bitcoin has been stealing below its realization price, which is the aggregate cost base of all coins in the inventory. The realization price is currently around $ 22,500,” added the popular trading account Game of Trades.
While few expected a clear promotion to emerge, the long-term outlook also gave importance to current price levels.
Among them was John Bollinger, creator of the Bollinger Bands Volatile Indicator, which in a new view on BTC / USD showed the peak of a growing trend over the years.
The next move, he suggested, could be higher following a “perfect” double top pattern in bitcoin in 2021.
Perfect double picture (type M) tops BTCUSD on the completed monthly chart to be confirmed by Bandwidth and% b continues to a lower Bollinger Band tag. There is no sign of any of them yet, but this would be a logical place to set up.https: //t.co/KsDyQsCO1F
—John Bollinger (@bbanna) June 27, 2022
Perfect double top (type M) in BTCUSD on the monthly chart confirmed by BandWidth and the% b (Bollinger percentage) resulting in lower Bollinger Band marking. No sign on such a top is visible yet, but it would be a logical place to set up. https://t.co/KsDyQsCO1F – John Bollinger (@bbands) June 27, 2022
Research: ‘almost all’ bitcoin metrics at all times low
Chain analytics firm Glassnode earlier this week conducted further analysis on whether bitcoin has reached the bottom line.
Read also: 3 graphs showing bitcoin price crash have nothing to do with summer 2021
In his latest weekly newsletter, The Week On Chain (Chain Week), Glassnode distributed a series of chain metrics at various stages to form the bottom of his signage.
However, in such a macroeconomic environment nothing is certain that has never been seen before.
“In the current macroeconomic framework, all historical models and precedents are likely to be tested,” concludes the bulletin.
“Based on the current position of bitcoin prices relative to historically low patterns, the market is already at a very likely level, with only 0.2% of trading days under similar circumstances.”
He noted that the people who bought BTC in 2020 and 2021 provided the driving force behind the recent sales.
“Almost all macro-indicators for bitcoin, from technical to on-the-chain, are at historical lows, coinciding with the establishment of trimmed market floors in previous cycles. Many of them are trading at levels that are only one-digit percentage of history at a time. levels, ”says the newsletter.
The mood was no different on the day, with the Crypto Fear & Greed Index at 10/100 or “extreme fear”, representing a classic reversal level in bear markets in the past.
The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investment and business transactions involve risk. You should do your own research before making a decision.