Peter Brandt, who knows every step of Bitcoin BTC, has detected an interesting event on the daily chart. He states that the four-day candle closes in a 3/10 percent range. Let’s look at the details.
Bitcoin behavior
Brandt says this is the definition of price equilibrium. He calls this the “hinge” behavior. The comments of the experienced trader point to an interesting situation. It can indicate an equilibrium between bulls and bears as it indicates a price equilibrium. What does the current price range mean? It represents a “hinge” that marks the important price levels on which the rise or fall depends.
Meanwhile, as technical factors unfold, IntoTheBlock shared a data on Twitter. Accordingly, he reported that negative sentiment regarding Bitcoin has reached new highs. He expresses the importance of this as follows. Historically, major highs have occurred shortly before or after price dips.
Also, Bitcoin’s stock market supply is falling, as noted by on-chain analytics firm Santiment. It fell to its lowest level since February 2018. It is in question that traders continue to hold BTC to themselves amid the uncertainty surrounding Binance and Coinbase. On the other hand, they expect this trend to continue if the lawsuits continue.
BTC in falling wedge
Crypto analyst “Carl from the Moon” believes that the Bitcoin falling wedge pattern remains in play. He states that if Bitcoin breaks to the upside, it will reach the $31,000 target. When the price of an asset declines over time, a wedge can form just before the last downtrend in the trend.
The price of Bitcoin (BTC), which surpassed the $28,000 mark at the end of May, has been on the decline in recent weeks as the US Securities and Exchange Commission’s (SEC) recent legal action against major crypto exchanges has frightened crypto investors. Popular analyst Ali Martinez explains the trajectory that BTC should follow to avoid further losses. Accordingly, the leading cryptocurrency needs to stay above the support zone between $22,785 and $23,595. The expert states that Bitcoin is currently “sitting on thin ice.” On the other hand cryptocoin.com When we look at it as a whole, it means that there are around 1.34 million wallets holding a total of 450,000 BTC in the support area mentioned above.
The chart above also indicates that 6.87 million or 69.4% of Bitcoin wallets are currently in loss. On the other hand, 2.87 million, or 28.9%, of Bitcoin investors who bought the cryptocurrency at a price range of $21,976 to $29,864 are profitable.
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