Bitcoin on June 1, 2022 - Summer will have to wait

Bitcoin on June 1, 2022 – Summer will have to wait

Deeper dipsBitcoin (BTC) begins the month of June 2022 with a fall that does not seem to surprise traders and analysts. The big green candlestick at the end of May 2022 would therefore be far from enough to trigger a real bullish recovery.

The daily course of Bitcoin (BTC) is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin below $30,000: nothing has changed?

The price of bitcoin lose the $30,000 today 1er June 2022. The bears are bringing the price of Bitcoin back to where it was before May 30, 2022. Bitcoin trades at $29,770 at the time of writing this article. It is currently recording a significant loss of 6.32%.

What can we expect from Bitcoin during this month of June 2022? Bitcoin has achieved according to trader Rekt Capital, “ a weak monthly close below ~$35000”. Rekt Capital believes that:

“Technically, there is room for a relief move towards ~$35,000 to confirm new resistance”

Publication of Rekt Capital – Source: Twitter

Further bounces towards $35,000 could therefore take place. Rekt Capital, however, indicates that “regardless of the movement from here”, a weakening of the support at $29,000 is likely “in the coming weeks”.

What would Bitcoin’s next lows be if this support at $29,000 is broken? Crypto trader Tony recalls that “for almost two months now” he has set a target target in the $22,000 – $24,000 area for bitcoin.

A drop to $22,000 is still possible for bitcoin (bTC).
Crypto Tony post – Source: Twitter

The rise in recent days, which Crypto Tony describes as a “small pump”, does not change his forecasts in any way. The trader continues to remain strongly bearish as “zooming out” he asserts that “nothing” has actually changed.

Technical analyst Blake also believes that Bitcoin has not always bottomed out. It evokes weakness in equities which would be strongly correlated to Bitcoin, to explain why he “doesn’t consider it a time to ‘buy the dip’ for cryptos and Bitcoin”.

Bitcoin (BTC) correlated to stocks which continue to be weak.
Publication by Blake – Source: Twitter

Good things come to those who wait for ? Maybe, but so bulls will have to wait a while longer – ranging from a few days to a few months – to review a bullish rally. The rise above $32,000 was not enough to erase the ominous prospects of bitcoin’s price rallying back to $22,000.

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