Different this time? 'Almost all' Bitcoin metrics are now hinting at a price bottom
Bitcoin (BTC) played wait-and-see with traders on June 28 as Wall Street opened to flat performance.
Data 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
"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
Further analysis of whether the bottom is in for Bitcoin came from on-chain analytics firm Glassnode as the week began.
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