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Bitcoin bounces at least 8% amid warnings that the BTC price bottom should not ‘be’

Bitcoin (BTC) saved $ 20,000 on June 15 after BTC / USD dangerously approached the peak of the last cycle.

BTC / USD 1-Hour Candle Chart (Bitstamp). Source: Trading View

Bitcoin “bottom” does not fool anyone

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD rising after reaching $ 20,079 on Bitstamp.

In a break from its sale, the pair hit United States Equities at the Wall Street Open for $ 21,700. The S&P 500 gained 1.4% after the opening hour, while the Nasdaq Composite Index managed 1.6%.

Renewed market power, commentators said, has already set higher prices for most major rate hikes from the Federal Reserve, which was confirmed on the day.

However, Bloomberg chief commodity strategist Mike McGlone noted that it was taking crypto’s worst hit in an inflationary environment. In the tweet they are Reversed Bitcoin and altcoin performance, notably WTI crude oil, with skyrocketing commodities, the future has now traded double their 200-week moving average.

“Bitcoin, bonds, gold – crude oil futures have historically been enough fuel to drive inflation, consumer sentiment plunge, Federal Reserve rate increases accelerate and persist,” he argued.

WTI Crude Oil Futures 1-Week Candle Chart with 200-Day Moving Average. Source: Trading View

Despite the suppressed pricing, many were not convinced that Bitcoin, meanwhile, could sustain the low $ 20,000 sector even longer.

“We still have to see surrender in the crypto markets,” said popular trader Crypto Tony Said Twitter Followers.

“It’s close, but it still doesn’t feel like it. Every bounce is full of optimism and it shouldn’t be like that.”

Fellow trader and analyst Rect Capital agreed, saying the sell-off was not with the appropriate volume.

“There is a strong market-wide sale for BTC,” he added Has been written On the day.

“Undoubtedly, vendor fatigue is ahead. Watch out for high-volume volume bars. These are indicative of lower levels of pre-sales reversal after continuous sales and over time.”

As Cointelegraph reports, Bitcoin’s own 200-week moving average is $ 22,400, and Rect Capital warns that this level could now create a price magnet. Weeks or months.

Losses still don’t equal “capitulation” – data

Meanwhile, data has shown how much panic sales are going on in the short term.

Related: Bitcoin miners exchange flow reaches 7-month highs as BTC price tanks drop below $ 21K

Weekly realized losses have reached 2.6% of Bitcoin’s realized cap, the highest ever, according to figures from on-chain analytics firm Glassnode. Explained Via CryptoVizArt.

Bitcoin’s Net Unrealized Profit / Loss (NUPL) metric, which includes physically unsold coins, has also demonstrated a significant amount of underwater supply – in fact, since March 2020.

According to the accompanying scale, the metric turns red after falling below zero, i.e. the historical “surrender” zone.

Bitcoin NUPL vs. BTC / USD Chart. Source: Trading View

The opinions and opinions expressed herein are those of the authors and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and business move involves risk, you must conduct your own research when making a decision.