Bitcoin (BTC) recovered to $ 30,000 before the June 2 Wall Street open as cold feet remained across crypto markets.
“Decisive breaker rejecting” on Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD climbed to local highs of $ 30,182 on Bitstamp after declining to near $ 29,300 overnight.
In the midst of trying times for equities, Bitcoin has continued to give up recent gains, with Cointelegraph contributor Michaël van de Poppe insisting that $ 29,000 should be held to avoid a more serious scam.
“Cascading further south for Bitcoin to the level that caused the breakup,” he said summarize in the day.
“Resistance above us is $ 30.5K and $ 31.5K. Let’s see how it goes, must hold $ 29.2-29.3K to avoid any massive breakdowns.”
A subsequent tweet highlighted what Van de Poppe described as an intraday “decisive break” level acting as resistance.
– Michaël van de Poppe (@CryptoMichNL) June 2, 2022
Analyzing what caused Bitcoin to reverse downward, meanwhile, online analytics resources Material Indicators pointed the finger at large-volume investors on volatile engineering.
“Large orders chased price to the top, then switched sides, along with whales starting to sell. Now, some purchases at $ 1M + support,” part of an explanation. Twitter post read.
BTC / USD has remained firmly in a narrow trading range since the second week of May.
Positivity creeps above BTC price floor
Meanwhile, one of the most well-known figures in the industry has given reason to consider that much deeper corrections may not be ready for Bitcoin.
In his last blog post published on June 2, Arthur Hayes, former CEO of derivatives giant BitMEX, argued that last month’s bottom could well be the bottom everyone was looking for.
He marked data from on-chain analysis firm Glassnode, which presented BTC / USD discounts of all-time highs over the years.
Looking back at past half-cycles, there should be strong support at around $ 25,000 as $ 69,000 marks 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 is observed on a glassnode,” Hayes reasoned.
“The point is to be generally correct, and with a little fudging around the edges we can approach a range that corresponds to what we believe is the local bottom line. For Bitcoin, that’s $ 25,000 to $ 27,000. For Ether, that’s $ 1,700 to $ 1,800. “
As reported by Cointelegraph, however, the same data was used earlier in the week to deliver a more bearish BTC price target.
Hayes himself, meanwhile, previously said he would be a “buyer” of Bitcoin at $ 20,000 and Ether (ETH) at $ 1,300.
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