Bitcoin (BTC) re-committed to its trading floor on June 7 after a new higher was met with a quick sale.
“Some of the best chops we’ve ever seen”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD declined decisively with resistance it met last June 1st.
The pair had returned daily profits in excess of 6%, but the approach of $ 32,000 changed the mood and Bitcoin gave almost $ 2,500 back in a few hours.
The classic “Bart Simpson” structure was formed in a time frame every hour, where frustrated traders agreed that the current ideology was unchallenged.
“Standard price action back on Bitcoin where all lows are swept,” Cointelegraph contribution Michaël van de Poppe wrote in a Twitter update.
“If we keep around $ 29,000, there’s probably enough reason to go for a run. (And the $ 29K area is still the CME gap area). “
In addition to the fact that the CME futures range provides a potential target at levels seen before earnings, the Chain Research Materials Indicators indicated that significant buying interest was already in line at those levels.
#FireCharts 2.0 (beta) shows $ 60M in #BTC liquidity in an offer of $ 29k. Whether it will be protected, filled or betrayed will determine the next transaction. # cryptography # business policy https://t.co/iCsO8yQgDB image.twitter.com/Du6uXRc9U1
– Indexes (@MI_Algos) June 7, 2022
If that doesn’t happen, it’s time to dump her and move on.
Not much reaction, melted through it, so this stage is now likely to act as a resistor. At this point I think we’re on our way to a low with a red “x”. Might see some relief in between. Again, all this aside chop / range is part of the bottom line imo. $ BTC https://t.co/vx7qpIaUjf image.twitter.com/x3pwqEjFeN
– CrediBULL Crypto (@CredibleCrypto) June 7, 2022
“I will simply be looking for short-term opportunities in this area,” said Crypto Tony continuednods to keep the overall development going.
“Either we lose the range low and will reduce retesting, or if we retest the EQ range and reject, I will look for a short position. Flat until one of these triggers plays. “
One market player who was not at all surprised by the short-term action was Filbfilb, another founder of the trading platform DecenTrader.
“Some of the best chops we’ve ever seen, high quality stuff,” he said joked.
“I would say it’s always the same, people are desperate not to miss the ‘bottom’ but this one is especially funny how it turns around instantly. Traders are completely destroyed.
Long-standing traders struggling with instability caused 24 hours of $ 60 million for BTC and another $ 158 million for altcoins, according to data from Coinglass’ analysis.
Equity correlation
Bitcoin altcoins therefore performed significantly below performance compared to the proposed correlation in the United States.
Related: BTC price takes its longest loss in history – 5 things to know about Bitcoin this week
Both the S&P 500 and the Nasdaq Composite Index ended trading above the open on June 6, questioning their relationship with cryptocurrencies.
Yassine Elmandjra, an expert in cryptocurrency assets at ARK Invest, nevertheless pointed out that Bitcoin’s overall compliance with S&P had reached new historic highs in 30 days.
Bitcoin’s compliance with the S&P 500 reaches its peak. image.twitter.com/jwT5KQWeIQ
– Yassine Elmandjra (@yassineARK) June 3, 2022
When discussing BTC pricing further, he argued that “major” policy lines remained unchanged at BTC / USD, even considering the May drop to $ 23,800. This, as the Cointelegraph reportedwas still ripe for re-examination in the eyes of many.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.
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