‘Negative’ Bitcoin daily chart means bulls must defend $29K — Peter Brandt

The bitcoin price has been bouncing around the $3000 mark for the past few days, losing over $1,000 in the process. Today, the bears are starting to show their claws, and as a result we’re seeing a negative long term chart on the Bitcoin price.

The price of Bitcoin is at its lowest point of the year after a lengthy bear market that saw the crypto-coin drop from a high of $20,000 to a yearly low of just under $6,000 before rebounding to over $10,000 at the time of this writing. However, the daily chart indicates that the price is still far from the $20,000 price floor – suggesting that the bulls still have a lot of work to do to defend their price floor.

Negative sentiment is a key ingredient of a bullish market, and bitcoin has recently seen a lot of it, as the market has successfully held onto the $3,700 and $3,800 support levels, as shown in the daily chart below.

Bitcoin (BTC) needs to stay above $29,000 to hold its short-term uptrend, renowned trader Peter Brandt has warned.

In his tweet of the 1st. In July, Brandt, known for his astute bitcoin price predictions in recent years, warned that bulls should prove bitcoin’s strength.

Brandt: Negative daily bitcoin performance

BTC/USD lost about 5% on Thursday, erasing more and more of its previous gains despite many indicators on the blockchain rising.

According to Brandt, the lower time frames have shown little optimism and a reversal is now needed to break the negative tone.

The rectangle at 5 weeks is still forming. The daily chart is clearly negative, he noted, as is the price chart.

The burden of proof is on the bulls unless they can keep $BTC above $29,000.Annotated chart BTC/USD by Peter Brandt. Source: Peter Brandt/Twitter

This level would be even higher than where bitcoin fell last week, with the current local low at $28,600 on Bitstamp.

Breaking through this level opens the door to an earlier multi-year high of $20,000, several sources warn.

Still, bitcoin followers are divided on what could happen in the near future in terms of bearish price dynamics.

On Wednesday, analyst John Bollinger, creator of the Bollinger Band, considered $31,000 the lowest of three logical levels for BTC/USD. Some respondents argued that these values would not be revised in light of recent conduct.

Bollinger revealed that he is also targeting $35,000-36,000 and $41,000.

These are important steps so far, he said.

Painful price range

Nevertheless, bitcoin met predictions of a likely daily bounce level on Thursday.

According to Cointelegraph, the critical area for traders is the range between $32,300 and $33,000, with BTC/USD at the top of that range.

Related: Coincidence? In June, bitcoin showed its ups and downs on crucial Tuesdays.

Falling prices continue to dampen the spirit of even those who have been in the market for a long time. BTC/USD is now as far from its target as it was in January 2019, just after the low of the 2018 bear market. According to a popular price prediction model, bitcoin is expected to be worth nearly $78,000 this week.

However, in light of events in China, many argue that this price suppression is a legitimate outcome in itself.

June 2023 will see the most aggressive government attack on bitcoin in history, Travis Kling, head of cryptocurrency hedge fund Ikigai, said this week.

This is not an exaggeration, but a fact.Bitcoin, the largest and best known cryptocurrency, has been struggling to overcome a major resistance level at $29,000, which has been holding it back from breaking out past $20,000.  The cryptocurrency is currently trading around $20,000, with a daily volume of $2 billion.. Read more about bitcoin price analysis and let us know what you think.

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