Bitcoin (BTC) denied fresh market volatility on June 23rd to Wall Street as traders tried to guess its next targets.
Bitcoin lacks a “strong confirmation” of the new bullish trend
Data from Cointelegraph Markets Pro and TradingView It showed BTC price action continuing to swing around $30,000.
Thus, the market participants received the second day of sideways trading as the previous uptrend stalled near the yearly high of $31,000.
Popular trader Daan Crypto Trades has suggested that this area is a popular invalidation point for those shorting Bitcoin after the recent bull run.
“Most shorts entered during this consolidation will likely have their stops above that local high of $30.8K,” part of the tweet read. is reading Per day.
“This makes for excellent liquidity grabs. The line in the sand is the $29.8K area and the Daily Open.”
However, these shortcomings may still be achievable, according to Martone, a contributor to on-chain analytics platform CryptoQuant.
Noting the rise in open interest on the exchanges versus the performance of the constant price, Marton notes that the “flux” of this open interest has recently been accompanied by a sudden drop in the BTC/USD pair.
— Marton (@JA_Maartun) June 23, 2023
Crypto trader Chase admitted that he had not received a “strong confirmation” of an imminent continuation of $31,000.
I’m still at that length of 29.6k, half the size of where I took half the profit at 30.1k last night. It still looks good, but realistically I don’t get any solid confirmation from this LTF consolidation. A retest of 29.8K followed by a bullish MSB is good, but I’m not reading it too deeply. https://t.co/v2lEq3WFBO
– Crypto Chase (Crypto_Chase) June 23, 2023
Meanwhile, for fellow merchant Elise, there was no noticeable change in mood since the day before as the strengthening continued.
Whereas he “has no intention of shorting” Tell Twitter followers, there was little interest in the inputs, while BTC price action acted in a narrow range.
Wait-and-see mode returns
Elsewhere, the latest Market update He confirmed from crypto analytics firm Jarvis Labs the uncertain nature of the lower time frame price action.
Related: Bitcoin’s Parabolic Advance Means All-Time High For BTC In 2023 – Trader
“I’m a little unsure here,” founder Ben Lilly concluded after investigating various data sets.
“I’m starting to write off $24,000 before the options expire, and instead I’m leaning toward paying higher into the $32,000 range.”
Lilly indicated that the options will expire next June 23, at a value of more than $700 million. Thanks to the strong buildup, it would be wrong to bet on the rally failing too soon.
He concluded by saying, “All this tells me that one cannot hasten the fading of this gathering.”
“My hunch was saying yes, it faded before the halving was too far away. But a little data says otherwise. Maybe the fading will show up in July. For now, let’s track the data to see if the trend continues.”
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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.