Bitcoin’s surge to $32.4K was a fake – here is the price level most BTC traders are waiting for

The end of the first week of June brought even more pain to global financial markets as the tech-heavy Nasdaq Composite ended the day down 2.3% on June 3, while the S&P 500 lost 1.4% of its value.

The cryptocurrency market has fared no better, and data from Cointelegraph Markets Pro and TradingView shows that an early-morning attempt to push Bitcoin (BTC) above $30,000 was hit by a sell-off that dropped it to a daily low of $29,286.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several market analysts are saying about the outlook for BTC as it remains locked in a tight trading range.

The price is in the lower range

Bitcoin’s drop back into its current trading range was “expected,” according to crypto trader and pseudonymous Twitter user altcoin Sherpa, who posted the chart below, highlighting the price drop to the middle of its recent trading range.

BTC/USD 4 hour chart. Source: Twitter

Altcoin Sherpa said:

“A little lower is probably a better spot for long, but that whole area is choppy and not very clear to me for levels. Would rather wait for 28.4k first. #Bitcoins”

Fellow trader and pseudonymous Twitter user ShardiB2 also bemoaned the price drop into the trading range, noting that “Elon, Dimon, Goldman etc are saying [the] Economy will be shit for a while, will weigh on markets.”

ShardiB2 said,

“Not great, back in our lower channel…must stay here or revisit [$]28.6[K] can be ok, crack this and we get this [$]25[K]–[$]26K I think…”

Bitcoin’s rally to $32,400 was just a fake

Further insight into the levels to watch for a good entry was offered by EmperorBTC, who published the chart below, highlighting the “previous range high acting as resistance”.

BTC/USDT 4 hour chart. Source: Twitter

EmperorBTC said,

“Looks like the run after [$]32K was just a deviation. I did not expect the previous range high to act as such a strong resistance. Expect support at PoC [point of control] now and will spots there.”

Related: The crypto market fell in May, but June has a silver lining

Bulls will win in the long run

An estimate of how long crypto traders can expect the current market struggle to last was provided by Twitter user Crypto Rover, who posted the chart below, outlining the formation of a bullish reversal pattern.

BTC/USD 1 day chart. Source: Twitter

Crypto Rover said:

“It may be another 3 months before #Bitcoin finally starts moving higher at a significant pace. But one thing is for sure, we are creating a typical bullish buyer reversal pattern. Time is on our side now.”

The total cryptocurrency market cap is now $1.217 trillion and Bitcoin’s dominance rate is 46.3%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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