Bitcoin will see ‘long bear market’ says trader with BTC price stuck at $19K


Bitcoin (BTC) failed to pick up recent losses on July 2 as traders prepared for a stagnant price action to continue.

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BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

“Downward acceleration” is still valid

Data from Cointelegraph Markets Pro and TradingView tracked a lame BTC / USD as it cut around the $ 19,000 mark over the weekend.

Wall Street’s trading week ended unsurprisingly, with U.S. stocks almost stagnant – providing little impetus for cryptocurrency volatility. The U.S. dollar index, or DXY, fresh from a retest of twenty-year highs, has run out to around 105 points.

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US Dollar Index (DXY) 1-hour candlestick chart. Source: TradingView

Order data from largest global exchange Binance showed BTC / USD trapped between buying and selling liquidity close to spot price, ensuring a lack of volatility until traders maneuvered or added significantly to bids or requests.

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BTC / USD order book data (Binance). Source: Material Indicators

Moving away, the outlook barely seemed more optimistic for bulls.

For popular trading account Altcoin Sherpa, current conditions promised an extended period of uninspired activity by Bitcoin, which could last for much of 2022.

“It will take months to hack and pile up after the bottom is found,” it said told Twitter followers.

“And the bottom may not even come for a few months from today. Cheer up for a long bear market IMO. “

The sentiment was repeated by trader and analyst Rekt Capital, who argued that Bitcoin had not yet made new macro lows or began to consolidate.

“Get down. Put your Bitcoin in cold storage. Sit tight, ”Checkmate, chief analyst chain at research firm Glassnode added.

Will volume all-time highs echo in 2018?

The next two or two weeks could prove to be the minimums of this cycle, meanwhile, lending some hope to those concerned that the fund is still months away.

Related: Price Analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

In Twitter thread that day, economist, businessman and entrepreneur Alex Krueger noted that volume called in BTC hit all-time highs last month.

“Overall, trading volume is the highest when markets capitulate,” he explained.

In the 2018 bear market, he added, the volume all-time high actually occurred several weeks before the price bottom, and if this time it followed the trend, July could be the place of the next.

Earlier, Rekt Capital argued that buy-side volume was not strong enough to keep fresh price high at long-term, while also highlighting the 2018 volume moves.

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