Global financial markets took more pain in the first week of June as the tech-heavy Nasdaq Composite closed down 2.3% on June 3, while the S&P 500 dropped 1.4% of its value.
The cryptocurrency market hasn’t done any better and data from Cointelegraph Markets Pro and TradingView shows that one morning’s attempt to push Bitcoin (BTC) above $30,000 was hit with a wave of selling that took it to $30,000. Daily low of 29,286.
Here’s a look at what many market analysts are saying about BTC’s outlook as it rests within a narrow trading range.
Price is stuck in a lower range
According to crypto trader and pseudonymous Twitter user AltcoinSherpa, a slide back into bitcoin’s current range was “expected”, which deployment of The following chart highlights the price pullback in the middle of its most recent trading range.
Altcoin Sherpa said,
“Slightly less likely a better place for a long time but this whole area is choppy and not very clear to me for levels. Would rather wait for the first 28.4k. #bitcoin”
Fellow businessman and pseudonymous Twitter user ShardiB2 alike regretted Price pullbacks in trading range, noting that “Elon, Dimon, Goldman, etc. Saying that the economy is going to be bad for some time is going to weigh on the markets.”
ShardiB2 said,
“Not great, back in our lower channel… need to stop here or go back to 28.6″[K] Might be in order, crack it and we’ll get that 25-26K I think…”
Bitcoin’s Rally to $32,400 Was Just a Fake
More details on what levels to watch for a good entry were offered by Monarch BTC deployment of The following chart highlights the “previous range high acting as resistance”.
Emperor BTC said,
“Looks like the run up to 32K was just a divergence. Didn’t expect the previous range high to act as such a strong resistance. Support expected in PoC [point of control] Will spot there now and then. ,
related: The Crypto Market Dropped In May, But There’s A Silver Lining In June
Bulls will win in the long run
An estimate of how long crypto traders can expect the current market struggle to continue was provided by Twitter user Crypto Rover, who deployment of The following chart outlines the formation of a Bullish Reversal Pattern.
Crypto Rover said,
“It may still take another 3 months for #Bitcoin to finally start rising at a significant pace. But one thing is certain, we are forming a typical Bullish Buyers Reversal pattern. Time is on our side now.”
The total cryptocurrency market cap now stands at $1.217 trillion and bitcoin has a dominance rate of 46.3%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
