At the end of the first week of June, the technology-heavy Nasdaq Index closed June 3 with a decrease of 2.3 percent; The S&P 500 lost 1.4 percent of its value. This has brought more pain to global financial markets. The cryptocurrency market hasn’t outperformed, and data shows that an early morning attempt to push Bitcoin (BTC) above $30,000 was hit by a sell-off that brought it down to $29,286 daily. So what to expect with BTC now stuck in a narrow trading range? Here are the analysts’ comments….
Bitcoin price stuck in lower range
According to crypto trader Altcoin Sherpa, who posted the chart below, Bitcoin’s slide back into its current range was an “expected” move. Altcoin Sherpa stated that “a little below the current level will probably offer a better level to open a long position.” However, he stated that this area is volatile and the levels are “not very clear” for him. Therefore, he said he would wait for $28,400 first.
Trader and analyst ShardiB2 similarly said, “Elon, Dimon, Goldman, etc. It will create weight in the markets by saying that the economy will be bad for a while.” As we have reported as Kriptokoin.com , these names announced that they thought the economy was not going well and that they would shape their operations accordingly. Similar to Altcoin Sherpa, ShardiB2 expects a price drop across the trading range to occur. The analyst used the following statements:
Not great, we are back in our lower channel… We either have to hold on here or a $28.6 visit might be appropriate. If we go below this level, in my opinion, we will see 25-26 thousand dollars.
Analyst: Bitcoin’s rise to $32,400 was fake
More on what levels to consider for a good entry, Presented by EmperorBTC, who posted the chart below that underlines the “previous high range acting as resistance”. EmperorBTC used the following statements:
The $32k run looks like it was just a diversion. I did not expect the previous range to act as such a strong resistance. Now support is expected on the PoC (checkpoint) and spot positions will be there.
The bulls will win in the long run
An estimate of how long crypto traders can expect the current market struggle to continue is an upside trend. Provided by Twitter user Crypto Rover, who posted the graph below showing the reversal pattern formation. Crypto Rover used the following statements:
It may take another 3 months for Bitcoin to finally start rising at a significant pace. But one thing is for sure, we are creating a typical bullish buyer exchange pattern. Time is on our side now.
