Friday, July 19, 2024

Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses

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Bitcoin (BTC) misplaced bullish momentum on the June 1 Wall Street open as United States equities confronted one other day of retracement.

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

Zooming out, “nothing” has modified

Knowledge from Cointelegraph Markets Professional and TradingView captured a pointy U-turn for BTC/USD at first of buying and selling, $1,600 in three hours.

On the time of writing, the pair traded at round $30,400, giving again the previous days’ beneficial properties.

For Cointelegraph contributor Michaël van de Poppe, $29,000 was now on the radar after support levels refused to cushion Bitcoin’s initial fall.

“Very simple, Bitcoin needs to hold here to have a test at $33K area possible,” he tweeted as BTC/USD reached $31,150.

“If not, that is going to nosedive fairly quick to $29K vary.”

The mood down surprised hardly anyone despite the recent show of strength and trip to two-week highs.

For popular trading account Crypto Tony, targets beyond the short term remained firmly in place, these coming as low as $22,000.

Fellow account Blake famous ongoing weak point in shares, with which Bitcoin has been extremely correlated, as an indication to not imagine that the underside was in for crypto belongings.

“This SPX scenario is a giant a part of why I do not take into account this a “purchase the dip” second for crypto & Bitcoin,” he told followers on the day.

“I will let the markets do their factor for a bit…”

The S&P 500 traded down 1.1% after the first three hours’ trading, as did the Nasdaq Composite Index.

Halving “hopium” is served

Attempting to find some more positive chart features, meanwhile, Filbfilb, co-founder of trading suite Decentrader, pointed to historical patterns seen during Bitcoin’s halving cycles.

Associated: Bitcoin might hit $14K in 2022 however shopping for BTC now ‘as good as it will get:’ Analyst

Present price motion, he stated, was nonetheless following Bitcoin’s lifetime development, hinting that the acquainted pain-before-gain situation was now additionally enjoying out.

If BTC/USD had reached its farthest level from its 2020 halving price in November 2021, he analyzed, then it could have round six months’ extra bearish conduct in retailer earlier than rebounding into the following halving, due in Might 2024.

Filbfilb nonetheless cautioned that the speculation was extra “hopium” than a real prediction.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to conduct your personal analysis when making a choice.