Bitcoin (BTC) firmly recommitted to its trading range on June 7 after a fresh move higher was met with a swift sell-off.
“Some of the best chop we’ve seen”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rejecting decisively at resistance it last encountered on June 1.
The pair had delivered daily gains in excess of 6%, but the approach to $32,000 changed the mood and Bitcoin gave back almost $2,500 in a matter of hours.
A classic “Bart Simpson” structure thus formed on hourly timeframes as frustrated traders came to terms with the existing paradigm remaining unchallenged.
“Standard price action again on Bitcoin in which all the lows are swept,” Cointelegraph contributor Michaël van de Poppe wrote in a Twitter update.
“If we hold around $29K, still presumably enough reason to go for a slight run. (And $29K area is still CME gap territory).”
In addition to the CME futures gap providing a potential target at levels seen before the gains, on-chain analytics resource Material Indicators noted significant buyinterest already lined up at those levels.
Should that not hold, targets focused on the area around $28,000 next.
Not much of a reaction, melted through it, so this level is now likely to act as resistance. At this point I think we are probs headed to the lows with the red “x”. May see some relief in between. Again, all this sideways chop/ranging is part of the bottoming process imo. $BTChttps://t.co/vx7qpIaUjfpic.twitter.com/x3pwqEjFeN
Discussing BTC price action further, he argued that “major” trendlines remained intact on BTC/USD, even given May’s dip to $23,800. This, as Cointelegraph reported, was still ripe for a retest in the eyes of many.
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, you should conduct your own research when making a decision.
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