Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?
June 23 2022 - 6:02PM
NEWSBTC
Bitcoin remains rangebound as most of the crypto market continues
to trade in the red. The number one crypto has seen some profits on
lower timeframes, but the general sentiment in the market still
points to uncertainty. Related Reading | Bitcoin Miners
Contributing To BTC Crash? New Report Sheds Light At the time of
writing, BTC’s price trades at $20,800 with a 4% profit in the last
24 hours and an 8% loss in the past week. On lower timeframes, data
from Material Indicators records an increase in bid orders for
BTC’s price of around $18,000. There are over $49 million in bid
orders. This stands as the most critical area of support for the
cryptocurrency, at least in the short term, along with $20,000 due
to its psychological importance in the market. Between $18,000 and
current levels, Bitcoin has some bids orders which could prevent a
fresh attack from the bears. Material Indicators, as seen below,
show over $15 million in bids orders around those levels. If the
price trends to the upside, there is some liquidity around $22,000
with around $8 million in asks orders for this level alone. There
are more asked orders below which could suggest BTC’s price will
remain rangebound and in a consolidation phase for the time being.
A break above $22,000 or $24,000 could signal bullish continuation
as those levels have important asks orders on lower timeframes.
Despite BTC’s price consolidation of around $20,000 and its
reaction to the downside pressure experienced during the past week,
most inventors are bearish. Analyst Michaël van de Poppe believes
BTC could target $23,000 in the coming weeks if the cryptocurrency
is able to hold around its current levels. #Bitcoin ready for $23K.
pic.twitter.com/gWUoMoFKAX — Michaël van de Poppe (@CryptoMichNL)
June 23, 2022 In that sense, the analyst added: The overall
consensus is that we’ll be going way lower and people continue
spreading that idea, as they’ve heard from strangers on the
interwebs. Just like they have been heard from strangers on the
interwebs that they should buy crypto, when it was peak 2021.
Standard. New Bitcoin Whales Are Born From another perspective,
CryptoQuant CEO Ki-Young Ju claims “most cycle indicators are
saying the bottom” could be in for BTC’s price. After months of
trending to the downside, the cryptocurrency has entered oversold
territory and might see some relief from the macro-economic factors
contributing to the selling pressure. Young Ju said: Not sure how
long it would take for consolidation in this range though. Opening
a big short position here sounds not a good idea unless you think
that $BTC is going to zero. Related Reading | Low Bitcoin
Prices Trigger Inflows, But Investor Sentiment Remains Weak
Additional data provided by CryptoQuant’s CEO records an increase
in the number of BTC outflows from centralized exchanges. While
inflows remain high, this suggests new BTC whales could be buying
the dip and accumulating around these levels.
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