Bitcoin analyst ‘optimistic’ to buy BTC as 3 trends fail
Bitcoin (BTC) failed to recover $65,000 after Wall Street opened on June 18 as analysts predicted further BTC price declines.
The moving average has fallen as the price of BTC goes below $65,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to maintain support near key trend lines.
Bitcoin (BTC) shed another 3% on the day, continuing its current downward trend since June 9th with losses reaching $7,900.
With various levels of support currently on the radar, market participants are beginning to warn that many of them lack judgment on the current situation.
For Keith Allan, founder of the trading resource Material Indicators, multiple moving averages (MAs) have been a problem since the introduction of spot pricing.
“I set a trailing stop loss before I left town to protect some gains if Bitcoin drops. That $64k win last night really got me going,” he told his followers on X (formerly Twitter).
I hope I can buy it back cheaply and I don't regret this move. I am optimistic. Missing the 21, 50 and 100-day moving averages aren't exactly glowing signs of strength.
Next up for the retest, Cointelegraph reported, the short-term cost base was below $64,000 as of June 18.
“You don't want to see BTC close below $63.8k in a row, at the cost of short-term holders. It usually serves as a fine line in the sand for trends,” William Clemente, founder of crypto research firm Reflexivity, wrote in a commentary on the topic.
Analyzing order book activity, prominent trader Diane CryptoTrades warned that “fraud” is rampant, with large liquid positions being posted and removed to drive the price of BTC in a certain direction.
“He filled a good bunch of those orders,” he admitted, as BTC/USD moved lower after Wall Street opened.
Altcoins lose when Bitcoin “sneezes”.
Updating Telegram channel subscribers, trading firm QCP Capital offers an alternative perspective on crypto market forces.
Related: Why is the crypto market down today?
Far from bad news, Bitcoin and altcoins in general have been suffering from a lack of news.
“While BTC seems to have sneezed, alts seem to have caught the flu as they drop 20-30% over the weekend,” he wrote.
“We attribute this weakness to a lack of news flow in the majors. Boring markets often shake weak hands, and no one likes to pay 11% to be long in perps.”
So QCP suggests a wait-and-see approach to “boring” markets.
The total altcoin market value decreased by 7.5% to $219.06 billion.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
