Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders’ demands for a new macro low persisted.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Long-term holders begin ‘distribution’
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend.
The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls’ efforts.
As “out-of-hours” markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout.
“The weekly chart on Bitcoin looks nothing short of horrific and so the trend continuation remains. I do think we consolidate a little longer in this range before dropping eventually,” Crypto Tony announced on the day in part of a series of tweets.
A further post reiterated a target of between $22,000 and $24,000 for Bitcoin once that forecast drop took hold.
“I am looking for another drop down to $24000 – $22000, but of course distribution takes time. So we may be hovering around this support zones before any drops just yet,” it read.
Others planned to make the most of incoming weakness, including popular Twitter account Cryptotoad, which announced a strategy of accumulating at $27,000 and under in what would be a “swing low” for BTC/USD.
I don’t know what you’re gonna do, but My plan is to start accumulating my long term position at 27k swing low all the way down to the 0.382 fib at 21.5k.
#btc #bitcoin pic.twitter.com/JCdHv0pMdr
— Cryptotoad (@Mesawine1) June 4, 2022
As Cointelegraph reported, other sources keenly eyeing lower lows for Bitcoin range from on-chain analysts to well-known pundits such as ex-BitMEX CEO, Arthur Hayes.
Adding fuel to the fire was data from on-chain analytics platform CryptoQuant, which signaled that long-term holders were starting to divest themselves of their stash in a classic bear market move.
“Long-term holders capitulation phase has begun,” contributing analyst Edris summarized in one the site’s QuickTake market updates released on June 3.
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