The price movement of Bitcoin has definitely kept traders guessing with range-bound action on the 30th of June. This comes after the cryptocurrency was pushed beyond a range of $37,000 which ended up in rejection.
Wyckoff Stresses $32,300 Support For Bitcoin
According to data from TradingView and Cointelegraph Markets Pro, there has been a reversal day for the exchange rate of BTC/USD with the pair hitting below 4.5% to settle at a price of $34,500 on Wednesday. The cryptocurrency had started on a solid note having accelerated at $36,300, following which Bitcoin ran out of steam.
This was then followed by a complete retracement that managed to negate most of the gains. Crypto Ed, one of the most famous crypto traders around, has stated that the high run that BTC undertook was still lacking in formidable substance, and considering the subsequent price correction, all the cryptocurrency needed was a bounce that would preserve the bull case of the crypto market.
Several others have credited the Wyckoff method of price analysis, which is quite popular for Bitcoin. This method allows much improvement upon key insights which could provide some information as to what the short-term price direction could look like.
Michael van de Poppe, yet another fellow trader, believes that such an area of just about $32,000 would be deemed as the do-or-die support level for bulls of BTC. According to a statement he made to his Twitter followers, it would generate a much higher low while providing strength towards a much improvised upwards momentum.
For most of the on-chain indicators, the story is still highly bullish- although one particular indicator moved away with yet another price low of Bitcoin. Rekt Capital believes that the Puell multiple implies that most miners have been sold to cover the costs- with the descent to an undervalued zone.
