Bitcoin Falls Back Below $30K May Will Enter Buy Trend

The month of June started as an uptrend for Bitcoin (BTC) as it faced 9-week red candles in a row, but the week ended with the same red zone. Bitcoin has dropped 5.58% in the last few hours and is now trading at $29,500 range following the end of the daily candle.

The king of cryptocurrency Bitcoin started its week with a green signal but the light get dim again today entering its $29.500 level. Since early May BTC’s price tumbled from its all-time high of $68.789 to below $26,000 and lost almost 60% of its value.

Positive Correlation to Equity 

Following the dip, bitcoin is still trading in a narrow range of $32,000 to $28,000, with small variation. The lack of volatility has resulted in a small drop in trading volume and bitcoin’s daily volume rarely reaches $35 billion and increased by over 11% in the last 24 hours.

According to Coinglass, holdings on derivative exchanges worth more than $213 million had been liquidated in the last 24 hours.

During the sell-off, the cryptocurrency once again showed a favorable correlation to markets.

Bitcoin Falls Back Below $30K May Will Enter Buy Trend 3

Source Trading view

A favorable crossover between the 200 and 50 MA (Moving Average) shows a positive correlation to the Bitcoin enthusiast.

Bitcoin Falls Back Below $30K May Will Enter Buy Trend 5

Source Trading view

The trend shows in the Falling Wedge, the support level suggests that Bitcoin’s cold weather has come to an end, and it may reach the target resistance level of $47420, signaling that BTC will enter a “Buy trend.”


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