Bitcoin touches $30K as ex-BitMEX CEO hopes $25K marks BTC price ‘local bottom’

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Bitcoin (BTC) rose to $30,000 ahead of the Wall Street opening on June 2 as cold feet remained in the crypto markets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Critical Breaker Denial” on Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD climbed to a local high of $30,182 on Bitstamp to close overnight near $29,300.

Amid the equities’ testing times, bitcoin gave up recent gains, with Cointelegraph contributor Michael van de Pope insisting that $29,000 needed to be held to avoid a more severe retracement.

“The cascade for bitcoin is further south towards the level that caused the breakout,” he said. Abbreviation that day.

“The resistance above us is $30.5K and $31.5K. Let’s see how it goes, $29.2-29.3K has to be held to avoid any major breakdown.”

A subsequent tweet highlighted what Van de Poppe describes as an intraday “critical breaker” level acting as resistance.

Meanwhile, analyzing what prompted Bitcoin to reverse its downside, the On-Chain Analytics Resource Materials Indicator pointed a finger at the engineering volatility of a large number of investors.

“Large orders drive the price up, then switch sides, with whales triggering market sell-offs. Now, some buy $1M+ at support,” part of an explanatory twitter post Reading.

Thus BTC/USD has remained firmly in a narrow trading range since the second week of May.

Positivity creeps in on the BTC price floor

Meanwhile, one of the industry’s best-known figures gave reason to consider that a much deeper correction may not be in store for bitcoin.

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In his latest blog post published on June 2, Arthur Hayes, the former CEO of derivatives giant BitMEX, argued that last month’s bottom could be the bottom everyone was looking for.

He flagged data from on-chain analytics firm Glassnode, which presented a decline in BTC/USD from its highest levels in the past few years.

Looking at the previous halving cycles, there should be strong support near $25,000 as $69,000 is the latest all-time high.

“Don’t take these levels as an exact science. There could be an exchange that trades at higher or lower intraday levels than those seen on Glassnode,” argued Hayes.

“The point is generally to be correct, and with a little bit of fudge around the edges we can estimate the range we believe is the local bottom. For bitcoin, it is $25,000 to $27,000. For Ether For, it’s $1,700 to $1,800.”
BTC/USD drawdown all-time high from annotated chart. Source: Arthur Hayes / The Entrepreneur’s Handbook

As Cointelegraph reported, however, the same data was used earlier this week to provide a more bearish BTC price target.

Meanwhile, Hayes himself has previously stated that he would be a “buyer” of bitcoin at $20,000 and ether (ETH) at $1,300.

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.