Bitcoin is a digitally active and global payment system. The unit of account for bitcoin is the bitcoin or BTC, which is broken down into smaller units called satoshi, in tribute to the creator of bitcoin, Satoshi Nakamoto.
Bitcoin has been in a downtrend for the past few months. The price is to close above $29,450 for its first green weekly candle since March.
Bitcoin (BTC) price activity mirrored that of the previous weekend in the June 5 weekly close, leaving traders guessing.
1 week candle chart of BTC/USD (bit stamp). TradingView is the source of this information.
BTC price is now trading at $300 in gree.
BTC/USD has been orbiting around the May 30 starting level at the time of writing, just $300 higher than seven days earlier, according to data from Cointelegraph Markets Pro and TradingView.
Hours before the weekly candle ended, the pair threatened to make another lower bottom. This would mark another high in terms of straight “red” weeks for Bitcoin.
Traders expressed conflicting feelings about the possible outcomes as they discussed them.
It’s hard to say; it’s all about the daily trend and the recent highs, which are now above 32,000.
Holes above big enough to be interesting to play even >32.
Such a weekly close would be rather… indecisive.
For example, if you look at it that way, the story isn’t the same 🙂 pic.twitter.com/pYRxvEArjJ
June 4, 2022 — Pierre (@pierre crypt0)
In comments made on the day, prominent Twitter account Crypto Santa said, “It looks like BTC is likely to have a weekly close of over $28.5k, which would mean a wider reach PA for next week.”
BTC/USD has been trading in a tight range all week, according to Cointelegraph, which has been in place since recovering from the $23,800 lows in May.
Inflation data coming out of the United States in the form of the consumer price index (CPI) for May in the coming days, could add volatility if inflation climbs above already high forecasts.
“The inflation trend is still in the air,” Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at asset management giant BlackRock, told Bloomberg.
“You can’t really convince the Fed to stop focusing on its main goal – lowering inflation – unless you see it clearly visible. It’s going to be a tough time until it happens.”
The April CPI came in at 8.3%, exacerbating inflation that had already reached levels not seen since the early 1980s.
Long positions on Bitfinex raise concerns about a ‘liquidation catastrophe’.
While many analysts expected Bitcoin to eventually return to the May lows, one group of traders remained steadfastly positive.
Long-term Bitcoin hodlers start ‘distribution’, which happened before BTC price bottomed out
Long bets on BTC on major exchange Bitfinex continued to climb over the weekend, hitting new all-time highs and baffling experts.
After reaching USD 23,800, the trend accelerated significantly, raising fears that a liquidation event could exacerbate market instability if BTC/USD reversed downward.
On June 2, part of a reactive tweet from expert Kevin Svenson said, “This will either result in a great pump…or a liquidation catastrophe.”
The thoughts and opinions of the author are entirely his or her own and do not necessarily reflect those of Cointelegraph.com. Every investment and trading choice has risks, so do your homework before making a decision.
The “crypto candlestick patterns” is a chart pattern that can be used to determine if the price of a cryptocurrency has reached an oversold state. If so, the price will close above $29,450 for its first green weekly candle since March.
Related Tags
- bitcoin weekly candle closing time est
- bitcoin price prediction
- bitcoin price history chart
- bitcoin price analysis
- why did bitcoin spike?
