Bitcoin (BTC) emerges from a hectic macro week to circle some classic trend lines near $26,000 — what could happen next?
After some brutal tests of traders’ resolve over the past seven days, BTC price is still determined to hold familiar ground.
Market participants are in “wait and see” mode as a lack of clear direction characterizes the largest cryptocurrency at the start of a new week’s trading.
United States holidays mean that traditional markets will only open on June 20, giving at least one day’s grace before any surprises hit.
There are still plenty left to deal with from last week, however — including BlackRock filing for a Bitcoin spot exchange-traded fund (ETF). Rumors are now that Fidelity Investments might follow.
What will it take to inspire BTC price to adopt a trend? Cointelegraph takes a look at some of the major topics now under discussion among traders and analysts.
No relief for nervous Bitcoin traders
The latest weekly close for BTC/USD yielded little change over the past seven days.
At just above $26,000, “sideways” is the name of the game for the pair, which weathered a slew of potential volatility triggers over the week.
A trip to new three-month lows was short lived, however, and traders are now cautiously waiting for new cues on direction while not yet defaulting to a bearish view.
“I remain long while we show no signs of a reversal,” Crypto Tony said in a summary of his position on the day.
“Looking for that trend line test at $26,900, and following a flip of that we then have $27,300 to note then up and away. Step by step we move.”
Fellow trader Koala argued that upside and downside extremes centered on a $4,000-wide corridor, with lows likely to get swept first before a return to $27,000.
“A set of equal highs and equal lows. I think we run the equal lows before the equal highs,” he argued.
“The demand area is where I’m interested in bidding for a run higher (invalidation is quite obvious) If demand holds, then 27k+. Otherwise, 23kish.”
For Credible Crypto, the potential range was narrower, with $25,500 the lower boundary.
“It would not surprise me to see us chop around between the RED and GREEN regions below for another few weeks. Any move above 28.5k and we will have broken a key market structure level that would imply that our corrective structure has completed and we may have begun a new impulsive move,” he wrote in part of recent analysis alongside an…
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