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Bitcoin Sees ‘Long Bear Market’, Trader Says BTC Price Stuck at $19K

Bitcoin (BTC) failed to recoup recent losses by July 2, as traders prepared for continued steady price action.

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

“Downtrend acceleration” is still in effect

Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it cut around the $19,000 mark over the weekend.

The Wall Street trading week ended without surprise, with United States equities practically flat – giving little impetus to crypto volatility. The US dollar index, or DXY, ran out of steam to hover around 105 points, fresh from a retest of twenty-year highs.

US Dollar Index (DXY) 1-Hour Candle Chart. Source: TradingView

Order book data from the largest global exchange Binance showed that BTC/USD liquidity was caught between buy and sell near the spot price, ensuring a lack of volatility until traders add significantly to bids or asks.

BTC/USD Order Book Data (Binance). Source: Material Indicators

Zooming out, the outlook hardly looks any more optimistic for the bulls.

For popular trading account Altcoin Sherpa, current conditions promise an extended period of lukewarm performance from Bitcoin that could last well into 2022.

“It takes months to chip around and collect after the bottom is found,” it said Said Twitter followers.

“And the bottom may not come for a few more months from now. Hunker down for a long bear market IMO.”

This sentiment was echoed by trader and analyst Rect Capital, who argued that Bitcoin has yet to make new macro lows or begin consolidating.

“Take charge yourself. Get your bitcoin into cold storage. Sit tight,” Checkmate, lead on-chain analyst at research firm Glassnode added.

Will the all-time highs resonate in 2018?

The next week or two could prove to be the low of this cycle, meanwhile, giving those concerned a level of reassurance that the bottom is still months away.

Related: Price Analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

A Twitter thread On the day, economist, trader and entrepreneur Alex Kruger noted that the volume indicated in BTC reached an all-time high last month.

“As a general rule, trading volume is highest when markets surrender,” he explained.

In the bear market of 2018, the all-time high occurred several weeks before the price bottom, and if the trend is followed this time, July could be the next site.

Earlier, Rect Capital, while highlighting the volume movement in 2018, argued that buy-side volume was not strong enough to sustain the fresh price upside in the long term.

The views and opinions expressed herein do not reflect the views of the authors and Cointelegraph.com. As every investment and trading move involves risk, you should conduct your own research when making a decision.