{"id":287544,"date":"2021-06-30T17:12:18","date_gmt":"2021-06-30T14:12:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come\/"},"modified":"2021-06-30T17:12:18","modified_gmt":"2021-06-30T14:12:18","slug":"bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come\/","title":{"rendered":"# Bitcoin sees 4.5% dip amid warning BTC price indicator bottom may still come"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36e981789a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36e981789a1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come\/#Wyckoff_stresses_32300_support\" >Wyckoff stresses $32,300 support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come\/#Caution_on_Puell_Multiple_bottom\" >Caution on Puell Multiple bottom<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin sees 4.5% dip amid warning BTC price indicator bottom may still come <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) kept traders guessing with rangebound action on June 30 after a push beyond $37,000 resistance ended in rejection.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/edcb1140-1825-4e68-b7ba-5063fca914d4.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Wyckoff_stresses_32300_support\"><\/span>Wyckoff stresses $32,300 support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed a day of reversal for BTC\/USD on Wednesday, the pair down 4.5% hitting $34,500.<\/p>\n<p>After accelerating upwards the day before, Bitcoin ran out of steam at $36,630 to begin a retracement which erased most of its gains.<\/p>\n<p>For popular trader Crypto Ed, even the run higher was lacking in substance, and after the subsequent correction, a bounce was sorely needed to preserve the bull case.<\/p>\n<p>&#8220;Stronger move down=start of move to green,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1410100528571469825\">added<\/a> as part of comments alongside a chart showing a downside target of $26,900.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/5376c27d-b13d-4dc3-9651-a1f3d522bdae.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD price scenarios with targets. Source: Crypto Ed\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Others heralded the Wyckoff price analysis method, currently popular for Bitcoin, as providing key insights into where the short-term direction could be going.\u00a0<\/p>\n<p>Fellow trader Micha\u00ebl van de Poppe, in his Wyckoff depiction, highlighted an area just above $32,000 as the do-or-die support level for BTC bulls.\u00a0<\/p>\n<p>&#8220;That would generate a higher low &amp; strength towards further upwards momentum,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1410165390412496904\">told<\/a> Twitter followers.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/e730d73d-fcf4-44e5-a984-e058186d2480.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated Wyckoff structure chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Wyckoff has not been as eagerly accepted by everyone, with Crypto Ed on Wednesday <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1410144437460742147\">criticizing<\/a> a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> lack of understanding of the method&#8217;s principles and the potential for incorrect conclusions which could result.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Caution_on_Puell_Multiple_bottom\"><\/span>Caution on Puell Multiple bottom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For on-chain indicators, the story was conversely still bullish, even as one in particular left room for another BTC price low.<\/p>\n<p>That was the Puell Multiple, a classic indicator for catching undervalued periods in Bitcoin&#8217;s lifespan, which is currently sitting in its broad &#8220;undervalued&#8221; zone for just the fifth time ever.<\/p>\n<p><strong><em>Related:\u00a0Institutional investors aren&#8217;t buying Bitcoin at 50% of all-time highs \u2026for now<\/em><\/strong><\/p>\n<p>As discussed by analyst Rekt Capital in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-GP_HAEdNMk\">dedicated video<\/a> on Wednesday, Puell suggests that miners have sold to cover costs, and given its descent to the &#8220;undervalued&#8221; zone, a price bottom could soon <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear.<\/p>\n<p>The previous four bottoms in Puell nonetheless did not line up with price bottoms exactly, these generally coming shortly after the indicator had reversed upwards.<\/p>\n<p>&#8220;The fact that we&#8217;re in this green (Puell) Multiple region doesn&#8217;t necessarily mean to us that we&#8217;re at the very bottom,&#8221; he commented on the latest chart.<\/p>\n<blockquote><p>&#8220;The (Puell) Multiple could still go towards the downside and price could still follow it as well.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/f44cad3b-fe28-4689-ab58-144211c40b13.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin Puell Multiple chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sees-4-5-dip-amid-warning-btc-price-indicator-bottom-may-still-come\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin sees 4.5% dip amid warning BTC price indicator bottom may still come &#8221; Bitcoin (BTC) kept traders guessing with rangebound action on June 30 after a push beyond $37,000 resistance ended in rejection. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Wyckoff stresses $32,300 support Data from Cointelegraph Markets Pro and TradingView\u00a0showed a day&#8230;<\/p>\n","protected":false},"author":1,"featured_media":287545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvOTA3ZTkyMmItODRiZS00ZTNlLThjNmYtOGVlNjFkMjIyYTkzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-287544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/287544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=287544"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/287544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/287545"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=287544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=287544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=287544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}