The price of bitcoin touched $30,000 on Thursday as a former CEO of the now-defunct BitMEX exchange said it was time to buy.
Bitcoin has been on a rollercoaster ride in the past few days. The cryptocurrency touched $30,000 before dipping back below $27,000. One ex-BitMEX CEO who hopes that the price will hit $25K marks the bottom of this market cycle. Read more in detail here: bitcoin price.
As cold feet persisted throughout crypto markets, Bitcoin (BTC) returned to $30,000 before the June 2 Wall Street open.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Bitcoin’s “critical breaker rejecting”
BTC/USD climbed to local highs of $30,182 on Bitstamp after wicking down to roughly $29,300 overnight, according to data from Cointelegraph Markets Pro and TradingView.
In the midst of a challenging period for stocks, Bitcoin has given up recent gains, with Cointelegraph writer Michal van de Poppe saying that $29,000 must hold to prevent a more significant correction.
On the day, he stated, “Cascade farther south for Bitcoin near the level that precipitated the breakout.”
“$30.5K and $31.5K are the resistance levels above us. Let’s watch how things go; $29.2-29.3K must be held to prevent any major breakdowns.”
An intraday “crucial breaker” level serving as resistance was noted in a following tweet by Van de Poppe.
The deciding factor in whether or not to accept #Bitcoin. pic.twitter.com/vYdLUlNxyw
2 June 2022 — Michaal van de Poppe (@CryptoMichNL)
Meanwhile, on-chain analytics site Material Indicators pointed the finger at large-volume speculators creating volatility as the cause of Bitcoin’s downward trend.
“Large orders pursued price to the top, then turned sides, when whales began to sell at market prices. Some people are now purchasing support for $1 million or more “part of a Twitter tweet explaining the situation stated.
As a result, BTC/USD has been stuck in a tight trading range since the second week of May.
Over the BTC price floor, optimism is creeping in.
Meanwhile, one of the industry’s most well-known personalities said that Bitcoin may not face any more adjustments.
Related: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB Price Analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Arthur Hayes, the former CEO of derivatives firm BitMEX, said in a blog post published on June 2 that last month’s bottom might well have been the bottom that everyone was searching for.
He brought up statistics from the on-chain analytics company Glassnode, which showed BTC/USD drawdowns from all-time highs over time.
Given the recent all-time high of $69,000, there should be solid support around roughly $25,000, based on previous half cycles.
“Take these levels with a grain of salt. There might be an exchange that trades at a different intraday level than glassnode, for example “Hayes pondered the situation.
“The point is to be generally correct, and with a bit of fudging around the edges we can approximate a range that corresponds to what we believe is the local bottom. For Bitcoin, that’s $25,000 to $27,000. For Ether, that’s $1,700 to $1,800.”BTC/USD drawdown from all-time highs annotated chart. Source: Arthur Hayes/ Entrepreneur’s Handbook
However, as Cointelegraph revealed earlier this week, the same data was utilized to give a more pessimistic BTC price estimate.
Meanwhile, Hayes has said that he will be a “buyer” of Bitcoin (BTC) at $20,000 and Ether (ETH) at $1,300.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
Bitcoin has touched $30K as the ex-BitMEX CEO hopes that the $25K mark marks a bottom for the price. The cryptocurrency is down from its all-time high of $20,000. Reference: crypto currencies.
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