Bitcoin price needs to close above $29,450 for its first green weekly candle since March
Bitcoin is a digital asset and worldwide payment system. The unit of account for bitcoin is the bitcoin or BTC, which has been split into smaller units called satoshi in homage to bitcoin’s creator Satoshi Nakamoto.
Bitcoin has been on a downward trend for the past few months. The price needs to close above $29,450 for its first green weekly candle since March.
Bitcoin (BTC) price activity mirrored that of the previous weekend into the June 5 weekly close, keeping traders guessing.
1 week candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
The BTC price is now trading at $300 in the gree.
BTC/USD was circling its May 30 starting level at the time of writing, only $300 higher than seven days earlier, according to data from Cointelegraph Markets Pro and TradingView.
With hours before the weekly candle ended, the pair was still in danger of making another lower bottom. This would set a new high in terms of straight “red” weeks for Bitcoin.
Traders expressed conflicting feelings about the possible outcomes while discussing them.
It’s difficult to say; it’s all about the daily trend and the recent highs, which are now above 32,000.
Gaps above big enough to be interesting to play even > 32.
A weekly closure like this would be quite… indecisive.
If you look at it that way, for example, the tale isn’t the same:) pic.twitter.com/pYRxvEArjJ
June 4, 2022 — Pierre (@pierre crypt0)
In remarks on the day, prominent Twitter account Crypto Santa said, “Looks like BTC will likely have a Weekly close over $28.5k, which would signal more range PA for the following week.”
BTC/USD traded in a tight range throughout the week, according to Cointelegraph, which has been in place since the rebound from May’s $23,800 lows.
Inflation data from the United States is forthcoming in the coming days, in the form of the consumer price index (CPI) for May, which might cause volatility if inflation is seen to be rising above already high forecasts.
“The inflationary trend is still up in the air,” said Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at asset management behemoth BlackRock, to Bloomberg.
“You can’t really convince the Fed to stop concentrating on the number one goal – lowering inflation — unless you see it clearly manifest. It’s going to be a difficult period until it occurs.”
The CPI for April came in at 8.3%, exacerbating inflation that had already reached levels not seen since the early 1980s.
Long positions on Bitfinex raise concerns about a “liquidation catastrophe.”
While many analysts expected that Bitcoin would eventually return to its May lows, one group of traders remained steadfastly positive.
Long-term Bitcoin hodlers initiate ‘distribution,’ which came before BTC price bottomed
Long bets on BTC on major exchange Bitfinex continued to rise over the weekend, hitting new record highs and perplexing experts.
After reaching $23,800, the trend accelerated significantly, raising fears that a liquidation event might exacerbate market instability if BTC/USD reversed downward.
On June 2, part of a reactive tweet by pundit Kevin Svenson said, “This is either going to result in a terrific pump… or a liquidation catastrophe.”
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “crypto candlestick patterns” is a chart pattern that can be used to determine if the price of a cryptocurrency has reached an oversold condition. If it does, then the price will close above $29,450 for its first green weekly candle since March.