Bitcoin (BTC) approached $ 40,000 on June 3 when bulls gathered growing signals that the fund is inside.
1 hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
BTC / USD to $ 36,000 next?
Cointelegraph Markets Pro and TradingView data showed BTC / USD retention levels that recovered a day earlier, including critical $ 37,500.
Now, the eyes were set on the next few days for confirmation of a rupture or rejection; it was already predicted that volatility would come in for the weekend.
For popular trader Crypto Ed, the market may need another short-term bearish test before returning with a vengeance. In the meantime, it can be a case of smiling and showing familiar movements.
“I think we’re close to a reversal and a correction during the previous day again,” he told Twitter followers on Thursday.
“BTC at $ 36k and ETH at $ 2500? It could be a boring day …”
He added that he assumed that BTC / USD will be corrected instead of continuing upwards.
Background search metrics require attention
Meanwhile, two new metrics specifically trying to reach Bitcoin price lows were activated on the Glassnode monitoring resource this week in a timely statement for traders.
Created by David Puell, known for his famous Puell Multiple indicator, the delta limit and the balanced price, they provided signals that Bitcoin may already be in recovery.
“Watch out for the confluence of these in the next bear,” Puell added.
Delta cap BTC / USD vs. price chart. Source: Glassnode
As Cointelegraph reported, opinions continue to focus on seeing a double-digit pattern in Bitcoin similar to 2013 this year.
In the two previous bullish markets, major setbacks from local highs were standard on the road to highs and as such there is nothing unusual in current behavior. That was the opinion of stock-to-flow creator PlanB this week in a conversation with podcast presenter Preston Pysh.