Bitcoin daily chart “negative” means that bulls will have to defend $ 29,000

Bitcoin (BTC) must hold above $ 29,000 to maintain a short-term uptrend, prominent trader Peter Brandt has warned.

In one tweet On July 1, Brandt, known for his shrewd BTC price calls over the past few years, warned that the upward trend showed Bitcoin’s strength.

Brandt: Bitcoin daily performance “negative”

BTC / USD lost around 5% on Thursday, losing more and more of its previous gains, even as many on-chain indicators go bullish.

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For Brandt, the lower timeframe is less optimistic and a work-up is now needed to break the negative tone.

“The 5-week rectangle continues to develop. The daily chart is completely negative, ”he commented along with the commented price chart.

“The burden of proof is on the cops unless they can hold them” $ BTC over $ 29,000. “

Bitcoin daily chart
Peter Brandt BTC / USD labeling diagram. Source: Peter Brandt / Twitter

That level would still be higher than Bitcoin last week, with the current local low at $ 28,600 at Bitstamp.

Various sources have warned that the break of this exchange will lead to the previous multi-year high of $ 20,000.

Bitcoiners, however, disagree on what could happen in terms of short-term declining performance.

On Wednesday, analyst John Bollinger, creator of Bollinger Bands, said eye $ 31,000 is the lowest of three “fair” levels for BTC / USD. Some responses have argued that such values ​​should not be checked based on recent behavior.

Bollinger announced that he is also targeting $ 35-36,000 and $ 41,000.

“So far, these have been important milestones,” he said.

A painful price range

Bitcoin is still following predictions of the likely daily rebound on Thursday.

As Cointelegraph reported, a key zone for traders is between $ 32,300 and $ 33,000, with BTC / USD held in the upper part of this zone.

Relatives: Coincidence? Bitcoin experiences its highs and lows on the “round Tuesdays” in June

Even with long-term market participants, falling prices continue to affect sentiment. BTC / USD is now as far from its stock flow target as it was in January 2019, right after the bear market bottomed out in 2018. According to a popular price prediction model, Bitcoin will be priced at nearly $ 78,000 this week.

However, given the events in China, many would argue that such price suppression is in itself a logical outcome.

Travis Kling, Head of Crypto Hedge Fund Ikigai, “June 2021 will deliver the strongest sovereign attack ever” speak in this week.

“That’s not an exaggeration, that’s the truth.”