“Negative” Bitcoin daily chart means that bulls must defend $29,000-Peter Brandt

Bitcoin (Bitcoin) Need to stay above 29,000 USD to maintain the bullish situation in the short term, noted trader Peter Brandt warned.

in a tweet On July 1, Brandt, known for his savvy BTC price calls in recent years, warned that bulls have a responsibility to demonstrate the strength of Bitcoin.

Brandt: Bitcoin’s daily performance is “negative”

BTC/USD fell by about 5% on Thursday, erasing more and more previous gains, even as much as on-chain indicators Turn bullish.

For Brandt, the lower time frame shows a bit of optimism, and now a reorganization is needed to break the negative sentiment.

“The 5-week rectangle continues to form. The daily chart is clearly negative,” he commented next to the annotated price chart.

“The burden of proof is on the bulls unless they can maintain Bitcoin More than 29,000 USD. “

Peter Brandt’s BTC/USD annotated chart.Source: Peter Brandt/Twitter

This level will still be higher than the level of Bitcoin’s decline last week, and the current local bottom on Bitstamp is $28,600.

Various sources warned that breaching this bottom line opened the way for the previous multi-year high of $20,000.

Nonetheless, Bitcoiners have mixed views on what might happen to the bearish recent price performance.

On Wednesday, John Bollinger, the founder and analyst of Bollinger Bands, With eyes 31,000 USD is the lowest of the three “logical” levels of BTC/USD. Some responses believe that these levels will not be reconsidered based on recent behavior.

Bollinger revealed that he is also looking at US$35-36,000 and US$41,000.

“So far, they are important milestones,” he said.

Painful price range

Nonetheless, Bitcoin is still in line with its prediction of possible daily rebound levels on Thursday.

As Cointelegraph Report, The key area held by traders is between US$32,300 and US$33,000, and BTC/USD holds the upper limit of this area.

related: coincidence?Bitcoin had highs and lows in the “Tuesday Turnaround” in June

Lower prices continue to disrupt sentiment, even for long-term market participants. BTC/USD is now away from it Stock to target Just like January 2019, just after the pit of the 2018 bear market. According to popular price prediction models, the price of Bitcoin should be close to $78,000 this week.

However, in light of events in China, many people believe that this price suppression itself is a logical result.

“In June 2021 there was the most aggressive sovereign attack on Bitcoin in history,” Travis Kling, head of crypto hedge fund Ikigai, said Say this week.

“This is not an exaggeration, it is a fact.”