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Some traders lost hope this week after BTC price rejected at $32,400, but many say this level is where they will become buyers.

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

The cryptocurrency market hasn’t faired any better and data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt to push Bitcoin (BTC) above $30,000 was hit with a wave of selling 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 pinned inside a narrow trading range.

Price is stuck in the lower range

Bitcoins’ slide back into its current range was “expected,” according to crypto trader and pseudonymous Twitter user Altcoin Sherpa, who posted the following chart highlighting the price pullback into the middle of its recent trading range.

BTC/USD 4-hour chart. Source: Twitter

Altcoin Sherpa said,

“A bit lower is likely a better place to long but this entire area is choppy and not very clear to me for levels. Would rather wait for 28.4k first. #Bitcoin”

Fellow trader and pseudonymous Twitter user ShardiB2 likewise lamented the price pullback into the trading range, noting that “Elon, Dimon, Goldman, etc., saying [the] economy is going to be shit for a while is going to weigh on markets.”

ShardiB2 said,

“Not awesome, back in our lower channel…needs to hold here or a visit back to [$]28.6[K] may be in order, crack that and we’ll get that [$]25[K]–[$]26K me thinks…”

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

Further insight into what levels to keep an eye on for a good entry was offered by EmperorBTC, who posted the following chart highlighting the “previous range high acting as the resistance.”

BTC/USDT 4-hour chart. Source: Twitter

EmperorBTC said,

“Looks like the run to [$]32K was only a deviation. Was not expecting the previous range high to act as such strong a resistance. Expecting support at PoC [point of control] now and will Spots there.”

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

Bulls will win in the long-run

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

BTC/USD 1-day chart. Source: Twitter

Crypto Rover said,

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

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

The views and opinions expressed here 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 conduct your own research when making a decision.

2 thoughts on “Bitcoin’s move to $32.4K was a fakeout — Here’s the price level most BTC traders are waiting for

  1. Looks like there’s a fake Google Forms scam going around. Just got an email saying “0.582319 BTC is available to you!” which obviously is fake, but the scary part is it came from an official Google email address. They are able to do this by abusing Google Forms ability to email a receipt (of what exactly, I’m not sure) to anyone, and the scammers try to make it look like it’s Google giving away Bitcoin.

    We can’t even trust legitimate emails now unfortunately. Remember no one will ever just send you a shit ton of free crypto

  2. I wanna give them credit here. Since my decisions can look like they're all my own, but the truth is, my partner called the tops on things better than I every could. I'd tell her how much I was up, and she'd ask me to sell. And I often followed her advice and sold some off.

    Why do I bring this up? Having an unemotional outsider and open conversation about your goals with investing ( and trying to buy and sell into a bear or bull market ) means less emotional decision making.

    All the money I did lose was because I didn't stick to the plans I made with them to the letter. I decided to risk some of my gains, and lost out on being even more in the black.

    So, talk to your partners (or friends) the next time you're jumping into a bull run?

    And maybe do it while we're in a bear, as well. We've agreed that it's okay for me to spend $X a week in Bitcoin, and Hold onto certain assets that fit our desire for greener Blockchain if it's going to continue.

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