|

Bitcoin nears $40K amid warning BTC price will correct before bull market resumes

BItcoin (BTC) edged closer to $40,000 on June 3 as bulls gathered increasing signals that the bottom is in.

chart

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

BTC/USD to $36,000 next?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining levels it reclaimed a day before, including the critical $37,500.

Now, eyes were on the coming days for confirmation of a breakout or rejection — volatility was already forecast to enter by the weekend.

For popular trader Crypto Ed, the market might need another bearish test in the short term before coming back with a vengeance. In the meantime, it may be a case of grinning and bearing familiar moves.

“I think we're close to a reversal and a correction during the day before up again,” he told Twitter followers on Thursday.

“BTC to $36k and ETH $2500? Might be a boring day....”

He added that he assumed that BTC/USD is going to correct rather than continue upwards.

Bottom-hunting metrics demand attention

Meanwhile, two new metrics which specifically try to catch Bitcoin price bottoms went live on monitoring resource Glassnode this week in a timely release for traders.

Created by David Puell, well known for his famous Puell Multiple indicator, delta cap and balanced price both provided cues that Bitcoin may already be in recovery.

“Watch out for confluence on these in the next bear,” Puell added.

Chart

BTC/USD delta cap vs. price chart. Source: Glassnode

As Cointelegraph reported, opinions continue to focus on this year seeing a double top pattern on Bitcoin similar to 2013.

In both previous bull markets, major retracements from local highs were standard on the way to ultimate peaks, and as such, there is nothing unusual about current behavior. That was the opinion of stock-to-flow creator PlanB this week in conversation with podcast host Preston Pysh.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP stay under pressure as investors turn more risk-averse

The cryptocurrency market trades under intense headwinds on Wednesday, led by Bitcoin’s (BTC) deepening sell-off below $60,000. The Crypto King hovers above $58,000.

Pi Network holds on thin ice with 76 million tokens ready to be unlocked

PI is holding steady around $0.1150 on Wednesday, stabilizing after three consecutive days of losses of around 10%. Pi remains under pressure, with more than 76 million tokens scheduled for unlocking in June, potentially accelerating the bearish trend.

Bitcoin sinks to 21-month low amid ETF outflows, US-Iran peace uncertainty

Bitcoin stabilizes around $59,000 after falling to a 21-month low of $57,800 on Wednesday. Geopolitical uncertainty remains elevated after Iran ruled out talks with US envoys, clouding prospects for a peace agreement and keeping risk sentiment fragile.

Jupiter positions for a trend reversal as network activity picks up

Jupiter is up 6% on Wednesday, crossing above its 200-day EMA at $0.2192. Network data shows a spike in monthly revenue and fees in June to a three-month high.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.