Autor Cointelegraph By William Suberg

Bitcoin (BTC) played wait-and-see with traders on June 28 as Wall Street opened to flat performance.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBollinger eyes “logical place” for Bitcoin bottomData from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $21,000 on Bitstamp, refusing to commit to a firm trend.The pair nonetheless avoided fresh signs of weakness, leading Cointelegraph contributor Michaël van de Poppe to believe that an attack on important levels — notably the 200-week moving average near $22,400 — could be next. #Bitcoin bounced upwards after sweeping the lows at $20.6K.Honestly, was expecting a further correction towards $20.3K. Still long on my positions on $FTM, $ADA, $AVAX & $ETH, as I’m still assuming we’ll see continuation towards $22.4K and possibly $23.1K. pic.twitter.com/dbwYQiuZZL— Michaël van de Poppe (@CryptoMichNL) June 28, 2022″In the past, Bitcoin has been a steal under its realized price, i.e., aggregate cost basis of all coins in supply. The realized price is currently sitting at around $22,500,” popular trading account Game of Trades added.While few expected a clear bullish trend to emerge, long-term perspectives also placed importance on current price levels.Among them was John Bollinger, creator of the Bollinger bands volatility indicator, who in a fresh take on BTC/USD flagged the culmination of a trend years in the making. The next move, he suggested, could well be higher after a “picture perfect” double top pattern on Bitcoin in 2021.Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F— John Bollinger (@bbands) June 27, 2022

Research: “Almost all” Bitcoin metrics at all-time lowsFurther analysis of whether the bottom is in for Bitcoin came from on-chain analytics firm Glassnode as the week began.Related: 3 charts showing this Bitcoin price drop is unlike summer 2021In its latest weekly newsletter, “The Week On-Chain,” Glassnode dissected a raft of on-chain metrics in various stages of signaling a bottom formation.In an unprecedented macro environment, however, nothing was certain.”Within the current macroeconomic framework, all models and historical precedents are likely to be put to the test,” it concluded. “Based on the current positioning of Bitcoin prices relative to historical floor models, the market is already at an extremely improbable level, with only 0.2% of trading days being in similar circumstances.”It noted that those who had bought BTC in 2020 and 2021 had provided the driving force behind recent selling.”Almost all macro indicators for Bitcoin, ranging from technical to on-chain, are at all-time lows, coincident with bear market floor formation in previous cycles. Many are trading at levels with just single-digit percentage points of prior history at similar levels,” the newsletter added.Sentiment was no different on the day, with the Crypto Fear & Greed Index at 10/100 or “extreme fear,” also constituting a classic reversal level in bear markets gone by.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$25,000 eyed as bulls’ line in the sandData from Cointelegraph Markets Pro and TradingView showed BTC/USD following stock markets downhill as the last week of June began.At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend.Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still below the crucial 200-week moving average (WMA) at $22,430.”Bitcoin says NO against $21K support. That’s all fine. We have got levels structured,” Cointelegraph contributor Michaël van de Poppe wrote in a Twitter debate on the day.A further post argued that further lows would come to entice traders to open long positions. Support lay at $20,325 and around $20,100, and should neither hold, a dip toward $19,000 could result.Fellow trader and analyst Credible Crypto, meanwhile, laid down the requirements to be sure that this month’s $17,600 lows would not be challenged. For him, a trip to the low $30,000 range would need to ensue.”If we manage to reclaim $25,000, push up to the low $30,000s — $28, $29, $30,000 — at that point, I don’t think we’re going to see new lows,” he said in a video update.”So if we’re going to see new lows, I’d expect it to happen before we reclaim $25,000.”Bitcoin remained on track to close its first month ever under the 200WMA on the day, singling out the current bear market among previous ones.BTC/USD 1-week candle chart (Bitstamp) with 200WMA. Source: TradingViewBTC drains from exchange walletsMeanwhile, evidence of investors buying the dip continued to mount.Related: Google users think BTC is dead — 5 things to know in Bitcoin this weekAfter whales made the headlines for adding coins around $20,000, exchanges more broadly saw major decreases in BTC supplies in recent days.According to data from on-chain analytics firm Glassnode, June 26 saw the largest cumulative change in BTC not kept on exchanges.The 30-day average change in supply kept on exchanges was down 153,849 BTC as funds moved elsewhere.Bitcoin exchange net position change chart. Source: GlassnodeAs Cointelegraph reported, metrics such as the Mayer Multiple continue to show the potential for outsized gains by buying BTC at current levels.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.