Bitcoin traders eye $28K retracement as BTC price retains 20% gains
Bitcoin (BTC) lingered near $30,000 on June 22 as traders sought opportunities to “buy the dip.”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD volatility calming overnight after rapid gains.
BTC price performance had wowed the day prior, the largest cryptocurrency returning to the $30,000 mark for the first time since mid-April.
Now, hopes were increasing over a modest correction next, enabling lucrative entry points for further long positions.
#BTC Not shorting, waiting for an entry lower. pic.twitter.com/WgIibKQAs9
“Bitcoin looking at this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers.
Fellow trader Crypto Tony maintained a more modest target of $32,000 next, while Jelle considered longer-term levels far beyond — including past the current $69,000 all-time high.
“After the falling wedge breakout, we are now back at the key resistance: $30,000,” part of the day’s analysis read.
Analyzing the nature of the past days' upside, meanwhile, on-chain analytics firm Glassnode argued that Bitcoin was doing nothing out of the ordinary.
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Volatility had followed an extended period of sideways BTC price action — something common to many other breakouts.
A chart uploaded to Twitter showed 30-day highs and lows over the years, with the previous month described as "extremely tight."
"Historically, extremely tight trading ranges have preceded large, volatile moves in either direction," Glassnode commented.
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