Bitcoin (BTC) recovered to $30,000 prior to the June 2 Wall Street open as cold feet remained across crypto markets.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to local highs of $30,182 on Bitstamp after wicking down to near $29,300 overnight.
Amid testing times for equities, Bitcoin followed in giving up recent gains, with Cointelegraph contributor Michaël van de Poppe insisting that $29,000 needed to hold to avoid more serious retracement.
"Cascade further south for Bitcoin towards the level that caused the breakout," he summarized on the day.
"Resistances above us are $30.5K and $31.5K. Let's see how it goes, has to hold $29.2-29.3K to avoid any massive breakdowns."
A subsequent tweet highlighted what Van de Poppe described as an intraday "crucial breaker" level acting as resistance.
Crucial breaker for #Bitcoin rejecting. pic.twitter.com/vYdLUlNxyw
— Michaël van de Poppe (@CryptoMichNL) June 2, 2022
Analyzing what had led Bitcoin to reverse downward, meanwhile, on-chain analytics resource Material Indicators pointed the finger at large-volume investors engineering volatility.
"Large orders chased price to the top, then switched sides, alongside whales starting to market-sell. Now, some buying by $1M+ on support," part of an explanatory Twitter post read.
BTC/USD thus remained firmly in a narrow trading range in place since the second week of May.
Meanwhile, one of the industry's best-known figures gave cause to consider that much deeper corrections may not be in store for Bitcoin.
Related: Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
In his latest blog post released on June 2, Arthur Hayes, former CEO of derivatives giant BitMEX, argued that last month's bottom could well have been the bottom that everyone was looking for.
He flagged data from on-chain analytics firm Glassnode, which presented BTC/USD drawdowns from all-time highs over the years.
Looking back at past halving cycles, there should be strong support at around $25,000 given that $69,000 marked the latest all-time high.
"Don’t take these levels as an exact science. There could be an exchange that traded at a higher or lower intraday level than what’s observed on glassnode," Hayes reasoned.
"The point is to be generally correct, and with a bit of fudging around the edges we can approximate a range that corresponds to what we believe is the local bottom. For Bitcoin, that’s $25,000 to $27,000. For Ether, that’s $1,700 to $1,800."
As Cointelegraph reported, however, the same data had been used earlier in the week to deliver a more bearish BTC price target.
Hayes himself, meanwhile, previously said that he would be a "buyer" of Bitcoin at $20,000 and Ether (ETH) at $1,300.
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.
SEC Twitter hack falsely announces Bitcoin ETF approval, causing price volatility. Security lapse exposed, leading to eventual real ETF approvals and significant crypto market implications.
BrianExplore the implications of Ethereum co-founder Vitalik Buterin's recent proposal for a 33% increase in the network's gas limit. This article delves into the background of Ethereum's gas limit, the specifics of Buterin's proposal, and its potential impact on network efficiency and scalability. Discover how this change could shape the future of Ethereum, balancing the demands of a growing user base with the technical challenges of blockchain technology. Ideal for cryptocurrency enthusiasts and blockchain professionals looking to stay informed on the latest developments in Ethereum's ongoing evolution.
KikyoThis move follows a similar announcement made on January 6 by VanEck, stating its intention to donate 5% of the profits from the Bitcoin Spot ETF to Bitcoin developers.
AlexThis collaborative effort aims to strengthen cooperation with relevant authorities and virtual asset exchanges to actively address crimes related to illegal foreign exchange transactions involving virtual assets.
AlexDive deep into the dynamic realm of cryptocurrencies with our expert analysis on DIGIFINEX, CRYPTOFI, AGIX, SATS, MATIC, CAKE, and the intriguing Coconut ChiCken(Coq). Explore the future trends and innovations shaping this exciting digital landscape.
AlexThe SEC's approval of 11 spot bitcoin exchange-traded funds (ETFs) marks a historic moment, allowing everyday investors access to bitcoin without direct ownership. Big names like BlackRock and Grayscale securing approval signal a significant shift, raising expectations for increased bitcoin investment and mainstream acceptance.
JoyExplore how Elon Musk's views on Bitcoin and the upcoming halving event in 2024 are shaping the cryptocurrency landscape and impacting investor strategies.
BrianIndia has heightened its crackdown on offshore crypto exchanges, leading Apple to remove apps of platforms like Binance and Bitfinex from its App Store within the country. Regulatory measures, including compliance notices and a 1% levy called Tax Deducted at Source (TDS), reflect India's commitment to enforcing crypto regulations, impacting both local and offshore exchanges.
JoyTron Founder Justin Sun is optimistic about global cryptocurrency acceptance, focusing on China's potential entry into Spot Bitcoin ETFs, while Hong Kong's Johnny Ng calls for swift implementation and enhanced virtual asset education.
JoyExplore Luno, the cryptocurrency investment app revolutionizing digital finance. Learn about its features, security, and global impact in our comprehensive guide.
Kikyo