Bitcoin (BTC) remained near $30,000 on June 22 as traders sought “buy the dip” opportunities.
Bitcoin buyers “ready” for $28,000
Data from Cointelegraph Markets Pro and TradingView BTC/USD volatility showed calm overnight after the rapid gains.
BTC price performance was impressive the day before, with the largest cryptocurrency returning to the $30,000 mark for the first time since mid-April.
Now, hopes were running high for the next modest correction, allowing profitable entry points for more long positions.
Not short selling, waiting for lower entry. pic.twitter.com/WgIibKQAs9
– Ed_NL (Crypto_Ed_NL) June 22, 2023
“Bitcoin looks at this scenario,” Michael van de Poppe, founder and CEO of trading firm Eight, said. Tell Twitter followers.
“I think $28,500 is a great place to long, the lower the better, but I think that’s the area you want to get in before we continue to get to $40,000.”
Fellow crypto trader Tony maintained A more modest $32,000 target thereafter, while longer-term tiers are considered much further by Geely — including the past. Current $69,000 at all.
“After breaking the falling wedge, we are now back at the key resistance: $30,000,” part of today’s analysis. is reading.
“The price appears to be slowing down a bit, suggesting we may get some buying opportunities on the dip soon. Watching $29,000 and $28,000 in person – ready to bid if we get it.”
Bitcoin price volatility is “no exception” to the rule
Analyzing the nature of the bullish trend of the past days, meanwhile, cross-chain analytics firm Glassnode has argued that Bitcoin has done nothing out of the ordinary.
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The volatility came after an extended period of sideways BTC price action, which has been familiar to many other breakouts.
Graph uploading has been done Twitter has shown 30-day highs and lows over the years, with the previous month described as “extremely tight.”
“Historically, very narrow trading ranges have preceded large, volatile moves in either direction,” Glassnode commented.
Thus, the 30-day high and low price range of Bitcoin can be used as a visual indicator to detect incoming volatility, not excluding the recent rally.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.