Cryptocurrency News

Bitcoin nears $40K amid warnings BTC price will correct before bull run resumes


bitcoin (B T c) reached near $40,000 on June 3 as bulls gave rising signals that a bottom is in.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC/USD to the next $36,000?

data from Cointelegraph Bazaar Pro and trading view Shows maintaining BTC/USD levels recovered a day ago Including Significant $37,500.

Now, watch out for a breakout or confirmation of rejection in the coming days – there was volatility forecast in advance To enter the weekend.

For popular trader crypto ed, the market may require another bearish test in the short term before coming back with a vengeance. In the meantime, it can be a matter of smiling and bearing familiar moves.

“I think we are close to a reversal and are improving again the day before,” he Told Twitter followers on Thursday.

“BTC to $36k and ETH $2500? Could be a boring day…”

He couple that he assumed that BTC/USD would be correct instead of moving upwards.

Bottom-hunting metrics demand attention

Meanwhile, two new indicators that specifically try to capture the decline in the bitcoin price were timely released this week to traders on the watchdog resource Glassnode.

Created by David Puell, known for his famous Puell Multiple Indicator, delta cap and balanced value Both indicated that bitcoin may already be in recovery.

“Watch for the confluence on these in the next bear,” Puella couple.

BTC/USD Delta Cap Vs Price Chart. Source: Glassnode

as Cointelegraph ReportedOpinion continues to focus on this year, noting the double top pattern on bitcoin similar to 2013.

In both previous bull markets, major retracements from local highs were the norm on the way to eventual peaks, and as such, there is nothing unusual about the current behavior. That’s what stock-to-flow creator PlanB had this week In conversation With podcast host Preston Pisch.