Some investors have been buying the dip as BTC price drop the past week becomes more severe. A steady hold on June 20th during the Wall Street open leaving traders anticipating the short-term trend decision.
Market data taken from both Cointelegraph and TradingView have shown that BTC/USD is climbing close to $21,000. This comes as the weekend saw BTC hit its lowest value since November of 2020: $!7,600.
The United States equities have begun cooling off at the beginning of the week, investor tensions have been eased with the largest cryptocurrency.
“Nice reaction off of the bottom of our 16K–20K demand zone,” said Credible Crypto, a popular trading account in regards to the price action over the last weekend.
“12 hours of bleeding erased in 2. No confirmation this is the reversal yet though. Focus on key HTF levels and don’t get too caught up staring at the red 5-minute candles — they can be erased in an instant.”
Rekt Capital had this to say about BTC’s $20,000 price. “BTC data science shows that anything below $35,000 is an area that has historically yielded outsized ROI for long-term Bitcoin investors.”
Bitcoins dip past its previous halving cycle has increased pressure on S2F BTC price models. Market analyst Zck Voell openly stated that S2F models were a scam on social media, while its S2F creator PlamB held firm on his stance. “Most indicators (S2F, RSI, 200WMA, Realized, etc.) are at extreme levels,” he said.
“Does that mean that all indicators are ‘invalidated’ ‘debunked’? No. Investing is a game of probabilities and indicators give situational awareness: BTC is oversold.”
PPlanB also noted that BTC RSI was at its lowest in history this weekend, suggesting that BTC/USD has been trading lower than would be expected looking back on the BTC track record.