Bitcoin Traders Eye $28K Retracement as BTC Price Sustains 20% Gain

Bitcoin (BTC) held near $30,000 on June 22 as traders looked for “buying on the decline” opportunities.

Bitcoin Dip-Buyers Are “Ready” for $28,000

Data from Cointelegraph Markets Pro and trading view BTC/USD volatility has calmed down overnight after sharp gains.

BTC price performance took a nosedive the day before, with the largest cryptocurrency returning to the $30,000 mark for the first time since mid-April.

Now, expectations were rising for the next minor correction, which would enable attractive entry points for further long positions.

#B T c

Not shorting, waiting for lower entry. pic.twitter.com/WgIibKQAs9

— Ed_NL (@Crypto_Ed_NL) 22 June 2023

“Bitcoin is watching this scenario,” said Michael van de Poppe, founder and CEO of trading firm Eight. Said twitter followers.

“I think $28.500 is a great spot to covet, the lower the better, but I think this is the area you want to get to before it continues to $40,000.”

fellow trader crypto tony Maintained A more modest target of $32,000 next, while Jelle considers long-term levels – including past Current $69,000 all-time high,

“After breakout of a falling wedge, we’re now back at key resistance: $30,000,” part of the day’s analysis Reading,

“The price seems to be holding up a bit, which suggests that we may get some short buying opportunities soon. Personally looking at $29,000 and $28,000 – willing to bid if we can find it.”

BTC price volatility is “no exception” to the norm.

Meanwhile, analyzing the bullish nature of the previous days, on-chain analytics firm Glassnode argued that bitcoin is not doing anything out of the ordinary.

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The volatility had followed an extended period of sideways BTC price action – something common to many other breakouts.

a chart uploaded Twitter showed 30 days of volatility over the years, while the past month was described as “extremely tight”.

Glassnode commented, “Historically, extremely tight trading ranges have been preceded by large, volatile moves in either direction.”

“Thus the 30-day bitcoin high and low price range can be used as a predictive indicator to spot upcoming volatility, the most recent rally being no exception.”

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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.