Bitcoin touches $30K as ex-BitMEX CEO hopes $25K marks BTC price ‘local bottom’

Bitcoin (BTC), which was $30,000 before the June 2 Wall Street Open, as Bitcoin’s feet remained frozen across all crypto markets.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitcoin “Crucial breaker refusing”

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD climbed to $30,182 local highs on Bitstamp, after wicking down overnight to $29,300.

In these difficult times for equities Bitcoin also gave up recent gains. Cointelegraph contributor Michael van de Poppe stated that Bitcoin needed $29,000 to keep the gains from retracement.

He summarized the day by saying, “Cascade further South for Bitcoin towards that level that caused the breakout.”

“Resistances higher than us are $30.5K or $31.5K. Let’s look at it, must have $29.2-$29.3K in order to avoid major breakdowns.

Van de Poppe’s intraday “crucial Breaker” level was the subject of a subsequent tweet. It was viewed as resistance.

Crucial breaker for #Bitcoin rejecting.
— Michael van de Poppe (@CryptoMichNL) June 2, 2022

Analysis of what caused Bitcoin to fall, while Material Indicators, an on-chain analytics resource, pointed fingers at large-volume investors who engineer volatility.

“Large orders chased the price to the top, then switched side, alongside whales beginning to market-sell. “Now, some buying by $1M+ for support,” reads an explanation Twitter post.

BTC/USD remained thus in a tight trading range since the second week in May.

Over the BTC price floor, positivity creeps in

One of the most prominent figures in the industry gave reason to think that Bitcoin may not need deeper corrections.

Similar: Price analysis 6/1: BTC. ETH. BNB. XRP. ADA. SOL. DOGE. DOT. AVAX. SHIB.

Arthur Hayes, the former CEO of BitMEX derivatives giant BitMEX, stated in a blog post that June 2nd that last month’s bottom might have been what everyone was looking for.

He cited data from Glassnode on-chain analytics firm, which showed BTC/USD drawdowns compared to all-time highs in the past.

If you look back at the past halving cycles, you will see that there was strong support for $25,000 to $69,000, which is the highest ever recorded.

These levels should not be taken as a scientific fact. Hayes argued that an exchange could trade at a lower or higher intraday level than what is observed on glassnode.

“The point of the article is to be generally right, and with some fudging around the edges, we can approximate a range which corresponds to what our local bottom is. That’s $25,000 to $27,000 for Bitcoin. That’s $1,700-1,800 for Ether.

Annotated chart shows the BTC/USD drawdown since all-time highs. Source: Arthur Hayes/ Entrepreneur’s Handbook

Cointelegraph stated that the data was used to provide a bearish target for the BTC price earlier in the week.

Hayes himself has stated that he would buy Bitcoin for $20,000 and Ether for $1,300.

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