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Bitcoin (BTC) was unable to recover its recent losses until July 2 as traders were preparing to continue stagnant price behavior.
Cointelegraph Markets Pro and TradingView I tracked the stumbling block of BTC / USD when chopping around $ 19,000 over the weekend.
Wall Street’s trading week ended surprisingly, US stocks were virtually stagnant, and little stimulus to cryptocurrency volatility. The US dollar index (DXY), which was just born from a retest of the highest price in 20 years, lost momentum until it lapped 105 points.
The largest global exchange Binance purchase order data shows that BTC / USD is sandwiched between buying and selling liquidity close to the spot price, until the trader manipulates or significantly adds bids or asks. We have confirmed that there is a lack of volatility.
When zoomed out, the outlook seemed less optimistic for the bull.
In the case of the popular trading account Altcoin Sherpa, the current situation promised long-term non-stimulating performance from Bitcoin, which could last most of 2022.
“Once the bottom is found, it will take months to chop and accumulate,” it said. Said Twitter followers.
“And it may not bottom out for a few more months from today. Hanker down to the Long Bear Market IMO.”
This sentiment was reiterated by trader and analyst Lect Capital, who claimed that Bitcoin had not yet set a new macro low or started integration.
#BTC May be in the “accelerating downtrend” stage of the correction
However, this phase precedes the “Multi-Month Integration” phase.
This precedes the “new macro uptrend” phase$ BTC # Cryptography #Bitcoin
Rekt Capital (@rektcapital) July 1, 2022
“Use yourself. Keep Bitcoin refrigerated. Sit down,” said Checkmate, a chain analyst at research firm Glassnode. Added..
The next week or two may prove to be the lows of this cycle, while giving some hope to those who are concerned that the bottom is still months away.
Related: Price Analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
and Twitter thread On the day, economist, trader and entrepreneur Alex Krueger said BTC-denominated trading volumes hit a record high last month.
“In principle, trading volumes are highest when the market surrenders,” he explained.
As a rule, trading volumes are highest when the market surrenders, and such surrenders make a big bottom.
This weekly chart contains the total amount of Bitcoin for most BTC pairs (exchange-wide spots and perpetuals).
Volume hit a record high two weeks ago. pic.twitter.com/6ONLibQiL2
Alex Krger (@krugermacro) July 2, 2022
He added that the 2018 bear market actually had record highs a few weeks before the price fell, and if this trend follows, July could be the next site. rice field.
Earlier, Rekt Capital argued that buy-side volumes weren’t strong enough to sustain fresh price increases over the long term, while highlighting volume movements in 2018.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.
