Global financial markets suffered more pain at the end of the first week of June. The tech-heavy Nasdaq composite closed June 3rd down 2.3% while the S&P 500 lost 1.4%.
The cryptocurrency market has not fared well. Data from TradingView and Cointelegraph Markets Pro shows that an attempt to push Bitcoin (BTC), above $30,000 in the early morning was met with a wave selling that sent it to a daily low $29,286.
BTC/USDT 1-day chart. Source: TradingView
Here are some market analysts’ views on the outlook for Bitcoin as it continues to trade within a narrow range.
The price is locked in the lower range
According to Altcoin Sherpa (a crypto trader) and pseudonymous user on Twitter, the slide back into Bitcoins’ current range was “expected”. He posted the following chart that highlights the price pullback towards the middle of the recent trading range.
BTC/USD 4-hour chart. Source: Twitter
Altcoin Sherpa said,
“A little lower is probably a better spot to long, but this entire area of the island is choppy. It’s not easy to see levels. I would rather wait until 28.4k. #Bitcoin”
ShardiB2, a fellow trader, and pseudonymous user on Twitter, also lamented the price pullback in the trading range. He noted that Elon, Dimon Goldman, and others had said “Elon, Dimon Goldman, etc., that the economy is going be shitfor a while is going weigh on markets.”
“Not great, back in our lower channels…needs hold here or a trip back to [$]28.6[K] might be in order, crack this and we’ll get that [$]25[K 26K me thinks
The fakeout that brought Bitcoin to $32,400 was a Bitcoin rally
EmperorBTC posted this chart, which provides further insight on the levels that should be monitored for entry. It highlights the “previous range high acting like resistance”.
BTC/USDT 4-hour chart. Source: Twitter
“It looks like the run to [$]32K wasn’t a major deviation. I didn’t expect the range highs to provide such strong resistance. Looking for support at PoC [point-of-control] now, and will Spots there.”
Related: Although the crypto market fell in May, June still has a silver lining
Bulls will prevail in the long-term
Crypto Rover on Twitter posted this chart showing how a bullish reversal pattern formed. It gives an estimate of how long crypto traders can expect to see the market struggle continue.
BTC/USD 1-day chart. Source: Twitter
Crypto Rover stated,
“It could still take 3 months before #Bitcoin actually starts moving up at an important pace. One thing is certain, we are creating a bullish buyers reverse pattern. We are on our side.
The total cryptocurrency market is now worth $1.217 trillion. Bitcoin’s dominance rate at 46.3%.
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