Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows.<\/p>\n
Related Reading |\u00a0Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?\u00a0<\/p>\n
At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week.<\/p>\n
BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview<\/p>\n
According to crypto analyst Justin Bennett, Bitcoin is hinting at further losses. The cryptocurrency stayed rangebound even as the traditional market rallied.<\/p>\n
Bitcoin has displayed a high correlation with traditional equities. In particular, the price of Bitcoin seems to be moving in tandem with the Nasdaq 100 and the S&P 500 Index.<\/p>\n
However, this dynamic has been changing in short timeframes making BTC a lagger as equities trend upwards. Bennett believes this is an indicator of a fakeout, a false upwards movement before a re-test of previous support.<\/p>\n
At the moment, the analyst claims, there is nothing more important for BTC\u2019s price than equities. Via Twitter, Bennett wrote the following and shared the chart below:<\/p>\n
Everything for #crypto boils down to this\u2026Does the S&P 500 fail to hold above 3,880? If so, and we get a 1h close below, this latest rally becomes a fakeout, and we likely get the next leg lower for stocks and crypto alike. Everything else is just noise. You could literally trade BTC using nothing but the S&P chart above. As of now, it looks like this level will fail.<\/p>\n
S&P 500 breaks below major trendline and hints at further losses, will BTC\u2019s price follow? Source: Justin Bennett via Twitter<\/p>\n
As seen in the chart above, the S&P 500 broke below a major trendline and seems to be heading towards critical support at 3,800. Bitcoin seems to be holding its levels despite the S&P 500 price action, but Bennett ruled out the possibility of a \u201cfakeout\u201d due to the overall weakness in the market.<\/p>\n
I’ve seen a few comments stating that this could be a fakeout. <\/p>\n
The fakeout to the upside already occurred. The last 1h close confirmed it. <\/p>\n
No guarantees, but fakeouts of fakeouts are rare. pic.twitter.com\/GQjKCwzRm9<\/p>\n
\u2014 Justin Bennett (@JustinBennettFX) June 28, 2022<\/p>\n\n
Bitcoin Levels To Watch In Case Of Further Losses<\/p>\n
Data from Material Indicators shows liquidity on crypto exchange Binance has been constantly moving around current levels. There are over $30 million in bids orders below BTC\u2019s price which could provide important support.<\/p>\n
However, as seen below, asks orders to have been swelling which could prevent BTC\u2019s price to break above $21,000 and get out of the danger zone. Analysts from Material Indicators identified the levels between $17,000 and $19,000 as the next potential area for Bitcoin.<\/p>\n
Related Reading |\u00a0Glassnode Deems 2022 Bear Market As The Most Atrocious For BTC And All Cryptocurrencies<\/p>\n
At those levels, there are important pools of liquidity, and the price of Bitcoin tends to trend towards these levels. The analyst added:<\/p>\n
This looks like a ladder of #BTC bids that intends to get filled. Time will tell if it gets filled where it rests or if it needs to adjust closer to the active trading range.<\/p>\n
The highlighted box is BTC\u2019s largest liquidity zone and a potential target in case of more downside price action. Source: Material Indicators via Twitter<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows.<\/p>\n
Related Reading |\u00a0Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?\u00a0<\/p>\n
At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week.<\/p>\n
BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview<\/p>\n
According to crypto analyst Justin Bennett, Bitcoin is hinting at further losses. The cryptocurrency stayed rangebound even as the traditional market rallied.<\/p>\n
Bitcoin has displayed a high correlation with traditional equities. In particular, the price of Bitcoin seems to be moving in tandem with the Nasdaq 100 and the S&P 500 Index.<\/p>\n
However, this dynamic has been changing in short timeframes making BTC a lagger as equities trend upwards. Bennett believes this is an indicator of a fakeout, a false upwards movement before a re-test of previous support.<\/p>\n
At the moment, the analyst claims, there is nothing more important for BTC\u2019s price than equities. Via Twitter, Bennett wrote the following and shared the chart below:<\/p>\n
Everything for #crypto boils down to this\u2026Does the S&P 500 fail to hold above 3,880? If so, and we get a 1h close below, this latest rally becomes a fakeout, and we likely get the next leg lower for stocks and crypto alike. Everything else is just noise. You could literally trade BTC using nothing but the S&P chart above. As of now, it looks like this level will fail.<\/p>\n
S&P 500 breaks below major trendline and hints at further losses, will BTC\u2019s price follow? Source: Justin Bennett via Twitter<\/p>\n
As seen in the chart above, the S&P 500 broke below a major trendline and seems to be heading towards critical support at 3,800. Bitcoin seems to be holding its levels despite the S&P 500 price action, but Bennett ruled out the possibility of a \u201cfakeout\u201d due to the overall weakness in the market.<\/p>\n
I’ve seen a few comments stating that this could be a fakeout. <\/p>\n
The fakeout to the upside already occurred. The last 1h close confirmed it. <\/p>\n
No guarantees, but fakeouts of fakeouts are rare. pic.twitter.com\/GQjKCwzRm9<\/p>\n
\u2014 Justin Bennett (@JustinBennettFX) June 28, 2022<\/p>\n
Bitcoin Levels To Watch In Case Of Further Losses<\/p>\n
Data from Material Indicators shows liquidity on crypto exchange Binance has been constantly moving around current levels. There are over $30 million in bids orders below BTC\u2019s price which could provide important support.<\/p>\n
However, as seen below, asks orders to have been swelling which could prevent BTC\u2019s price to break above $21,000 and get out of the danger zone. Analysts from Material Indicators identified the levels between $17,000 and $19,000 as the next potential area for Bitcoin.<\/p>\n
Related Reading |\u00a0Glassnode Deems 2022 Bear Market As The Most Atrocious For BTC And All Cryptocurrencies<\/p>\n
At those levels, there are important pools of liquidity, and the price of Bitcoin tends to trend towards these levels. The analyst added:<\/p>\n
This looks like a ladder of #BTC bids that intends to get filled. Time will tell if it gets filled where it rests or if it needs to adjust closer to the active trading range.<\/p>\n
The highlighted box is BTC\u2019s largest liquidity zone and a potential target in case of more downside price action. Source: Material Indicators via Twitter<\/p>\n
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