On Saturday Bitcoin wicked under $19k – weekends have lower liquidity and with the Juneteenth holiday on Monday it’s a long weekend. The Bitcoin price hit approximately $18,740 before bouncing back over $19,000. Ethereum also broke down under $1,000.
Some of the best crypto traders on Twitter are optimistic the Bitcoin bottom is close and opened long positions under $19,000.
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Bitcoin still has until the 20th before the next weekly candle opens, to close back above the 200 week MA – which has acted as support for years. While Bitcoin has wicked below that moving average before, it has always closed weekly candles back above it.
Trader Timeless Being (@Timeless_Crypto) for example bought the Saturday dip, opening a Bitcoin long from around $18,800.
Trader Posty (@PostyXBT) is confident this is a buying opportunity, if not immediately this long weekend then ‘on the horizon’ in the short term.
Trader Cheds (@BigCheds) who correctly predicted most of the recent bearish price action for Bitcoin since the $30,000 – $40,000 levels, is now confident on opening a long if Bitcoin recovers to $20,000 after this move.
Trader Jacob Crypto Bury (@BuryCrypto) had posted a Youtube video with a Bitcoin price prediction on June 15th that the bottom wasn’t in yet and BTC would crash lower than the $20,000 level it had reached earlier this week.
This Bitcoin crash today marks the first time Bitcoin has traded under $20k since December 2020.
Bitcoin is also now back under its previous all time high from the 2017 crypto bull run – something that has never happened before. In Bitcoin’s price history bear market bottoms have always been above the previous bull market ATH – for example the $3,100 bottom of December 2018 was above the $1,180 high of November 2013.
Update – Bitcoin hit $17,600 before pumping just before the daily close to around $19,000, liquidating $269 million in Bitcoin short positions.
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This article was written for Business 2 Community by Matt Williams.
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Hailing from Northampton UK, Matt has a keen interest in stocks and crypto, and ways to earn passive income online to achieve financial freedom.… View full profile ›
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