Bitcoin (BTC) played a wait-and-see role with traders on June 28 as Wall Street opened for flat performance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bollinger named the ‘logical location’ for the bottom of Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is trading $21,000 on Bitstamp, refusing to stick to a flat trend.
However, the pair avoided fresh signs of weakness, which led Michael van de Poppe to believe that an attack on important levels – particularly the 200-week moving average near $22,400 – might be next.
Popular trading account Game of Trades added: “In the past, Bitcoin was a steal at its realized price, i.e. the total cost basis of all the coins offered. The realized price is currently around $22,500.”
While few expected a clear bullish trend to emerge, longer-term views also place importance on current price levels.
Among them was John Bollinger, the creator of the Bollinger Bands volatility indicator, which in a new move on BTC/USD marked the peak of the trend years in the making.
He suggested that the next move might be higher after the “picture perfect” double top pattern on Bitcoin in 2021.
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Further analysis on whether a bottom in Bitcoin came from on-chain analytics firm Glassnode at the start of the week.
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In its latest weekly newsletter, “The Week On-Chain,” Glassnode dissected a set of on-chain scales at various stages indicating bottom formation.
However, in an unprecedented college environment, nothing was certain.
It concluded that “in the current macroeconomic framework, all models and historical precedents are likely to be tested”.
“Based on the current state of Bitcoin prices relative to historical floor models, the market is already at a very unlikely level, with only 0.2% of trading days in similar conditions.”