Bitcoin (BTC) held steady on June 20 on Wall Street as nervous traders waited for a short-term development decision.
Trader flags Bitcoin “national bottom”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD climbed to just $ 21,000 at the time of writing, a three-day high.
The weekend had scared the majority of the market and released speculators with a trip up to $ 17,600, which is the lowest value of Bitcoin since November 2020.
Now that US equities were cold at the beginning of the week, comparative calm characterized the largest cryptocurrency.
“Great response from the bottom of our 16K-20K demand area,” Credible Crypto’s popular trading account comment on the prices of the weekend.
“12 hours of bleeding dried out at 2. No confirmation that this is the reversal yet. Focus on the main HTF levels and do not be too busy staring at the red 5 minute candles – they can be destroyed in an instant. “
If in doubt, zoom out
– Crypto Tony (@CryptoTony__) June 20, 2022
The idea of focusing on HTF, or higher time frame pricing, was shared by various commentators when the week began.
“BTC is in the macro bottom period for this round,” fellow trader and analyst Rekt Capital continued.
“In the coming years, investors will be rewarded for buying here. Yet many are still waiting for $ BTC to go even lower for buying. It’s like waiting for summer to come and finally it’s 33C outside but now we’re hoping for 35C. “
Rekt Capital also described the $ 20,000 BTC price as a “gift” to buyers.
“BTC data science shows that just under $ 35,000 is an area that has traditionally yielded excessive returns for long-term Bitcoin investors,” part of a tweet the other day read.
On the Whalemap chain of analysis analysts meanwhile pointed out the dip of major investors at a level below $ 20,000.
A new whale level has formed around the mounds over the weekend.
The accumulation is quite large,> 100k BTC, and took place on June 18th.
For that, a large part of December 2018 Bitcoins has shifted from the previous 4k bottom … Could be OTC
Looks like great short term support image.twitter.com/rJbV26ZifG
– Whale Map (@whale_map) June 20, 2022
PlanB: Bitcoin is simply “sold”
Bitcoin is heading for its first half-year, which was at an all-time high, while pressure on popular stock-to-flow (S2F) BTC price models increased – and criticism of them.
Related: “The worst quarter ever” for equities – 5 things to know about Bitcoin this week
As marketing expert Zack Voell openly called S2F a “social media scam”, its mass analyst, PlanB, argued that the theory behind it remained valid.
“Most indicators (S2F, RSI, 200WMA, Realized, etc.) are at an extreme level,” he said. explained in part of a Twitter post June 18.
“Does this mean that all indicators are ‘invalid’ ‘discounts’? No. Investment is a game of probability and indicators give situational awareness: BTC is sold.”
Voell’s comments came after BTC / USD dipped below the second standard deviation range compared to the forecast S2F price for the first time.
Bitcoin is not dead.
But the Stock-to-Flow scam is absolutely it. image.twitter.com/ZYZ0NR8n92
– Zack Voell (@zackvoell) June 19, 2022
As PlanB pointed out, the relative strength of the Bitcoin, or RSI, was at its lowest level in history over the weekend. A classic overbought vs overstated indicator, RSI actually indicates that BTC / USD is trading much lower than its fundamentals suggest, based on a historical context.
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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