Bitcoin fell 4.5%, warning that the bottom of the BTC price indicator may still come

Bitcoin (Bitcoin) After breaking through the $37,000 resistance level and ended up being rejected, traders continued to speculate on range fluctuations on June 30.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Wyckoff emphasizes support of $32,300

Data from Cointelegraph Markets Pro with Transaction view On Wednesday, BTC/USD made a one-day reversal, and the currency pair fell 4.5% to 34,500 US dollars.

Rear Accelerate the day before, Bitcoin lost momentum at $36,630 and began to retreat, erasing most of the gains.

For the popular trader Crypto Ed, even the rise lacks substance. After the subsequent correction, a rebound is very necessary to maintain the bull market situation.

“Strong downward movement = start to turn green,” he comment The chart to the side shows a downside target of $26,900.

A BTC/USD price scenario with a target.Source: Encrypted editor/Twitter

Others believe that the Wyckoff price analysis method is currently popular in Bitcoin because it provides key insights into possible short-term price directions.

Trader Michaël van de Poppe emphasized in his Wyckoff description the area slightly above $32,000 as a life-and-death support for BTC bulls.

“This will generate higher lows and strengths to further upward momentum,” he said tell Twitter fans.

Wyckoff structure diagram marked with BTC/USD. Source: Michaël van de Poppe/Twitter

The Wyckoff method was not eagerly accepted by everyone, and Crypto Ed on June 30 criticism There is a general lack of understanding of the principles of the method, so incorrect conclusions may be drawn.

Puell multi-bottom notes

For on-chain indicators, the opposite is still bullish, even if a specific indicator leaves room for another BTC price.

The Puell multiple is a classic indicator that captures the period of underestimation in the Bitcoin life cycle, and it is currently in its broad “underestimated” area Fifth time in history.

related: Institutional investors will not currently buy Bitcoin at 50% of all-time highs…

As discuss Analyst Rekt Capital pointed out in a special video on June 30 that the Puell multiple indicates that the miner has been sold to make up for the cost. Given that it has fallen into the “undervalued” area, the bottom of the price may soon appear.

Nevertheless, the first four bottoms in the indicator do not exactly coincide with the price bottoms, because these bottoms usually appear shortly after the indicator reverses upwards.

“In fact, we are in this green P [Puell] Multiple regions to us do not necessarily mean that we are at the bottom,” he commented, referring to the latest chart.

“P [Puell] The multiple can still go down, and the price can still follow. “

Bitcoin Rado chart. Source: Bybt