Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

Bitcoin remains rangebound arsenic astir of the crypto marketplace continues to commercialized successful the red. The fig 1 crypto has seen immoderate profits connected little timeframes, but the wide sentiment successful the marketplace inactive points to uncertainty.

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At the clip of writing, BTC’s terms trades astatine $20,800 with a 4% nett successful the past 24 hours and an 8% nonaccomplishment successful the past week.

BTC’s terms moving sideways connected the 4-hour chart. Source: BTCUSD Tradingview

On little timeframes, information from Material Indicators records an summation successful bid orders for BTC’s terms of astir $18,000. There are implicit $49 cardinal successful bid orders. This stands arsenic the astir captious country of enactment for the cryptocurrency, astatine slightest successful the abbreviated term, on with $20,000 owed to its intelligence value successful the market.

Between $18,000 and existent levels, Bitcoin has immoderate bids orders which could forestall a caller onslaught from the bears. Material Indicators, arsenic seen below, amusement implicit $15 cardinal successful bids orders astir those levels.

BTC’s terms (blue enactment connected the chart) with implicit $60 cardinal successful bids orders beneath its existent levels. Source: Material Indicators

If the terms trends to the upside, determination is immoderate liquidity astir $22,000 with astir $8 cardinal successful asks orders for this level alone. There are much asked orders beneath which could suggest BTC’s terms volition stay rangebound and successful a consolidation signifier for the clip being.

A interruption supra $22,000 oregon $24,000 could awesome bullish continuation arsenic those levels person important asks orders connected little timeframes.

Despite BTC’s terms consolidation of astir $20,000 and its absorption to the downside unit experienced during the past week, astir inventors are bearish. Analyst Michaël van de Poppe believes BTC could people $23,000 successful the coming weeks if the cryptocurrency is capable to clasp astir its existent levels.

#Bitcoin acceptable for $23K. pic.twitter.com/gWUoMoFKAX

— Michaël van de Poppe (@CryptoMichNL) June 23, 2022

In that sense, the expert added:

The wide statement is that we’ll beryllium going mode little and radical proceed spreading that idea, arsenic they’ve heard from strangers connected the interwebs. Just similar they person been heard from strangers connected the interwebs that they should bargain crypto, erstwhile it was highest 2021. Standard.

New Bitcoin Whales Are Born

From different perspective, CryptoQuant CEO Ki-Young Ju claims “most rhythm indicators are saying the bottom” could beryllium successful for BTC’s price. After months of trending to the downside, the cryptocurrency has entered oversold territory and mightiness spot immoderate alleviation from the macro-economic factors contributing to the selling pressure.

Young Ju said:

Not definite however agelong it would instrumentality for consolidation successful this scope though. Opening a large abbreviated presumption present sounds not a bully thought unless you deliberation that $BTC is going to zero.

Related Reading | Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak

Additional information provided by CryptoQuant’s CEO records an summation successful the fig of BTC outflows from centralized exchanges. While inflows stay high, this suggests caller BTC whales could beryllium buying the dip and accumulating astir these levels.