Bitcoin (BTC) hovered near $30,000 on June 22 as some traders looked for “buy low” opportunities.
Bitcoin buyers ‘ready’ for $28,000
The previous day, the price development of BTC had been surprising, as the largest cryptocurrency returned to the $30,000 mark for the first time since mid-April.
Now, expectations were mounting for a modest correction, which would allow lucrative entry points for new long positions.
Not shorting, waiting for an entry lower. pic.twitter.com/WgIibKQAs9
— Ed_NL (@Crypto_Ed_NL) June 22, 2023
“Bitcoin contemplates this scenario”, said to his Twitter followers, Michaël van de Poppe, founder and CEO of the trading firm Eight.
“I think $28,500 is a good point to go long, the lower the better, but I think that’s the area you want to get to before continuing to $40,000.”
“After the breakout of the falling wedge, we return to the key resistance: $30,000”, He said part of the analysis of the day.
“It looks like the price is stalling a bit, which suggests buying opportunities are coming soon. Personally, I’m looking at $29,000 and $28,000, ready to bid if we get it.”
BTC price volatility “is no exception” to the norm
Analyzing the nature of the rallies in recent days, on-chain analytics firm Glassnode argued that Bitcoin was not doing anything out of the ordinary.
The volatility had followed a long period of sideways fluctuation in the BTC price, common to many other breakouts.
A graphic uploaded a Twitter was showing 30-day highs and lows over the years, with the previous month described as “extremely tight.”
“Historically, extremely tight trading ranges have preceded large and volatile moves in either direction,” Glassnode commented.
“Thus, Bitcoin’s 30-day price range high and low can be used as a leading indicator to spot incoming volatility, and the most recent rally is no exception.”
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