{"id":288692,"date":"2021-07-01T19:35:20","date_gmt":"2021-07-01T16:35:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/negative-bitcoin-daily-chart-means-bulls-must-defend-29k-peter-brandt\/"},"modified":"2021-07-01T19:35:20","modified_gmt":"2021-07-01T16:35:20","slug":"negative-bitcoin-daily-chart-means-bulls-must-defend-29k-peter-brandt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/negative-bitcoin-daily-chart-means-bulls-must-defend-29k-peter-brandt\/","title":{"rendered":"# &#8216;Negative&#8217; Bitcoin daily chart means bulls must defend $29K \u2014 Peter Brandt"},"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-6a3be28eaf79d\" 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-6a3be28eaf79d\" 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\/negative-bitcoin-daily-chart-means-bulls-must-defend-29k-peter-brandt\/#Brandt_Bitcoin_daily_performance_%E2%80%9Cnegative%E2%80%9D\" >Brandt: Bitcoin daily performance &#8220;negative&#8221;<\/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\/negative-bitcoin-daily-chart-means-bulls-must-defend-29k-peter-brandt\/#A_painful_price_range\" >A painful price range<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># &#8216;Negative&#8217; Bitcoin daily chart means bulls must defend $29K \u2014 Peter Brandt <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) needs to stay above $29,000 to preserve the bullish case in the short term, famous trader Peter Brandt has warned.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1410614829195300868\/\">tweet<\/a> on July 1, Brandt, well known for his shrewd BTC price calls in recent years, warned that the onus was on bulls to show Bitcoin&#8217;s strength.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Brandt_Bitcoin_daily_performance_%E2%80%9Cnegative%E2%80%9D\"><\/span>Brandt: Bitcoin daily performance &#8220;negative&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BTC\/USD lost around 5% on Thursday, erasing more and more of its previous gains even as many on-chain indicators flipped bullish.<\/p>\n<p>For Brandt, lower timeframes showed little optimism, and a shake-up was now necessary to disrupt the negative tone.<\/p>\n<p>&#8220;The 5-week rectangle continues to form. The daily chart is decidedly negative,&#8221; he commented alongside an annotated price chart.<\/p>\n<blockquote><p>&#8220;The burden of proof is on the bulls unless they can keep <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=cashtag_click\">$BTC<\/a> above $29,000.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1410614829195300868\/photo\/1\"><\/a><\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/b1481cd9-c616-4d3b-b2b0-7182b7d0f714.png\"><figcaption style=\"text-align: center;\"><em>Peter Brandt&#8217;s BTC\/USD annotated chart. Source: Peter Brandt\/ <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>That level would still be higher than that to which Bitcoin dipped last week, with the current local bottom at $28,600 on Bitstamp.<\/p>\n<p>Violation of this floor opens up ground towards the previous multi-year high of $20,000, various sources have warned.\u00a0<\/p>\n<p>Bitcoiners are nonetheless at odds over what could h<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>en in terms of bearish near-term price performance. <\/p>\n<p>On Wednesday, analyst John Bollinger, creator of the Bollinger Bands, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bbands\/status\/1410286092343861248\">eyed<\/a> $31,000 as the lowest of three &#8220;logical&#8221; levels for BTC\/USD. Some responses argued that such levels would not be revisited based on recent behavior.<\/p>\n<p>Bollinger revealed he was also watching $35-36,000 and $41,000.<\/p>\n<p>&#8220;So far they have been important milestones,&#8221; he said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_painful_price_range\"><\/span>A painful price range<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin nonetheless conformed to predictions over its likely daily bounce level on Thursday.<\/p>\n<p>As Cointelegraph reported, a crucial zone to hold for traders is between $32,300 and $33,000, with BTC\/USD holding at the upper end of that area.<\/p>\n<p><strong><em>Related:\u00a0Coincidence? Bitcoin saw its highs and lows on &#8216;Turnaround Tuesdays&#8217; in June<\/em><\/strong><\/p>\n<p>Lower prices continue to rattle sentiment, even among longtime market participants. BTC\/USD is now as far away from its stock-to-flow target as it was in January 2019, just after the pit of the 2018 bear market.\u00a0According to the popular price forecasting model, Bitcoin should cost almost $78,000 this week.<\/p>\n<p>Given the events in China, however, many argue that such price suppression is itself a logical outcome.<\/p>\n<p>&#8220;June 2021 brought the most aggressive sovereign assault on Bitcoin ever,&#8221; Travis Kling, head of crypto hedge fund Ikigai, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Travis_Kling\/status\/1410630499748388865\">said<\/a> this week.\u00a0 <\/p>\n<blockquote><p>&#8220;That is not hyperbole, that is fact.&#8221;<\/p><\/blockquote>\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. 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In a tweet on July 1, Brandt, well known for his shrewd BTC price calls in recent years, warned&#8230;<\/p>\n","protected":false},"author":1,"featured_media":288693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvYjRiOTQzMGUtZTJkOC00MGRkLTg1ZTAtYzczYjE1YTk2YjcwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-288692","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\/288692","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=288692"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/288692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/288693"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=288692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=288692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=288692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}