Successful Trader Rank Dump Metrics in Bitcoin and Point These Levels!
Due to the positive wave in the markets, Bitcoins and altcoins recovered all the losses they suffered in March. Bitcoin rose above 150% from March’s $ 3,700 level. However, as BTC returns to $ 9,000 levels again, analysts warn that more bearish trends may be seen.
Successful trader outlines technical and key factors that signal a drop in Bitcoin
Bitcoin recently fell below the important level of 9,000 dollars after being on for more than two weeks. Analysts claim that lower levels may be seen after this price action. Some analysts state that the leader crypto money’s rally, which started after the collapse of March, has ended. A popular trader named CryptoHamster has recently identified the following four technical trends that indicate that Bitcoin’s bullish trend is over:
- Bitcoin broke under the rising triangle formation, which began to form in early May. Rising triangles are graphical patterns that indicate that an asset tends to show a higher trend than analysts, usually pointing to lower levels.
- After trying to return to the triangle, BTC failed and turned a critical level of support into resistance.
- Bitcoin moved below the daily Bollinger Bands baseline. According to this analyst, it is a historically negative technical event.
- According to the analyst, BTC may soon fall below the 50-day significant moving average.
According to the analyst, if Bitcoin falls below the 50-day simple moving average, it will move the cryptocurrency to the $ 7,900- $ 8,200 range, as shared in the chart above.
Trend in markets signals a bigger correction in Bitcoin
Negative expectations for the crypto market confirm the trend that appears in the S&P 500 and wider risk-asset markets. Shares of leading companies have fallen in recent days after effectively recovering all losses in March with a V-shaped reversal. Analysts state that Bitcoin cannot recover if its stocks continue to sink.
Analysts at JPMorgan said in a report on June 11 that Bitcoin was acting as a risk asset that acted with stocks and other asset classes in the collapse in March. Even cryptocurrency advocates like BitMEX CEO Arthur Hayes support this narrative. Arthur Hayes said in this case that BTC could even test $ 3,000.