Bitcoin traders seem to be looking at a possible $28K retracement as the BTC price retains 20% gains. On June 22, the BTC price neared $30,000, prompting traders to seek opportunities to “buy the dip.” According to data from Cointelegraph Markets Pro and TradingView, BTC/USD volatility is calming overnight after rapid gains.
The performance of the BTC price had been impressive, with the largest cryptocurrency revisiting the $30,000 level for the first time since mid-April. Now, expectations are growing around a modest correction taking place next, which could provide lucrative entry points for further long positions.
Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers, “I think, $28,500 is a great spot for longing, the lower the better, but I think that’s the zone where you want to get it before we’ll continue to $40,000.”
Although trader Crypto Tony targets a more modest $32,000 for BTC price level next, Jelle considers longer-term levels that go much further, even past the current $69,000 all-time high. Jelle comments, “After the falling wedge breakout, we are now back at the key resistance: $30,000.” However, the price appears to be stalling slightly, suggesting the possibility of upcoming dip-buying opportunities. Jelle is closely watching $29,000 and $28,000, preparing to bid if those levels are reached.
While analyzing the nature of the past days’ upside, on-chain analytics firm Glassnode asserts that Bitcoin is performing within the normal range. Volatility followed an extended period of sideways BTC price action, a common occurrence in many other breakouts. A chart shared on Twitter shows 30-day highs and lows throughout the years, with the previous month characterized as “extremely tight.”
Glassnode comments, “Historically, extremely tight trading ranges have preceded large, volatile moves in either direction.” The latest rally appears to be no exception to this pattern.
In conclusion, traders are eyeing the possibility of a BTC price dip to around $28,000, which could provide attractive entry points for long positions. However, the current price performance and volatility seem to be in line with historical trends. As always, investors should conduct their own research and consider the risks involved before making any decisions in the crypto market.
Source: Cointelegraph
