Current BTC price levels are being closely monitored as a potential location for a macro Bitcoin price trend reversal.
Bitcoin (BTC) traders were on the fence on June 28 as Wall Street opened with a flat performance.
Despite this, the pair avoided further signs of weakness, prompting Cointelegraph contributor Michael van de Poppe to predict that an attack on key levels, particularly the 200-week moving average near $22,400, might be next.
#Bitcoin bounced upwards after sweeping the lows at $20.6K.
Honestly, was expecting a further correction towards $20.3K.
— Michaël van de Poppe (@CryptoMichNL) June 28, 2022
“Historically, Bitcoin has been a steal at its realized price, which is the aggregate cost basis of all coins in supply. The realized price is currently around $22,500 “Game of Trades, a popular trading account, has been added.
While few expected a clear bullish trend to emerge, long-term viewpoints valued present price levels as well.
Among them was John Bollinger, the originator of the Bollinger bands volatility indicator, who in a new perspective on BTC/USD signaled the completion of a pattern that had been developing for years.
He predicted that following a “picture perfect” double top formation on Bitcoin in 2021, the next move might be higher.
Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F
— John Bollinger (@bbands) June 27, 2022
Glassnode analysed a slew of on-chain measures in various phases of signaling a bottom formation in its latest weekly newsletter, “The Week On-Chain.”
However, nothing was assured in an unprecedented macroenvironment.
“Within the current macroeconomic environment,” it concluded, “all models and historical precedents are going to be put to the test.”
“Based on the current positioning of Bitcoin prices relative to historical floor models, the market is already at an extremely improbable level, with only 0.2% of trading days being in similar circumstances.”
It was noticed that those who purchased BTC in 2020 and 2021 were the major cause behind recent selling.
“Almost all Bitcoin macro indicators, from technical to on-chain, have reached all-time lows, coinciding with bear market floor development in past cycles. Many are trading at levels with only a few percentage points of prior experience at comparable levels “the newsletter was added
The sentiment was unchanged on the day, with the Crypto Fear & Greed Index at 10/100, or “severe fear,” also a common turnaround level in previous down markets.