Bitcoin (BTC) failed to recoup recent losses on July 2 as traders braced for further stagnant price action.
“Downtrend Acceleration” is still in effect
Data from Cointelegraph Markets Pro and TradingView watched a lame BTC/USD as it cut around the $19,000 mark over the weekend.
The trading week on Wall Street ended without surprise, with US stocks practically stagnant – giving a bit of impetus to crypto volatility. US Dollar Index, or DXY, new from review of a twenty-year high, ran out of breath to circle 105 points.
Order book data from the largest global exchange Binance shows BTC/USD stuck between buying and selling liquidity close to spot prices, ensuring no volatility until traders maneuver or add substantially to the bid or ask.
Zooming in, the outlook is hardly more optimistic for the bulls.
For the popular trading account Altcoin Sherpa, current conditions promise a long period of tireless performance from Bitcoin that could last until 2022.
“It will take months to cut around and accumulate once it finds a bottom,” it told Twitter followers.
“And the bottom may not even appear for a few months from today. Hunker for a long-term bear market IMO. “
The sentiment is echoed by trader and analyst Rekt Capital, who thinks that Bitcoin has yet to make new macro lows or start consolidating.
#BTC most likely still in the “Accelerating Downtrend” phase of its correction
But this phase will come before the “Multi-Month Consolidation” phase
This will precede the “New Macro Trend” period.$BTC #Crypto #Bitcoin
– Rekt Capital (@rektcapital) July 1, 2022
“Authorize yourself. Get your Bitcoins into cold storage. Sit back, “Checkmate, lead chain analyst at research firm Glassnode more.
Will the all-time highs reverberate in 2018?
Meanwhile, the next week or two could be the low of this cycle, providing a degree of hope for those concerned that the bottom is still a few months away.
Related: 7/1 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
In one Twitter thread On that day, economist, trader and entrepreneur Alex Krueger noted that volume in BTC hit an all-time high last month.
“As a general rule, trading volume is highest when the market is speculative,” he explains.
As a general rule, trading volume is highest when the market is speculative, and such speculation creates large bottoms.
This weekly chart includes aggregate bitcoin volumes for most BTC pairs (spot & perpetual on exchanges).
Volume hit an all-time high two weeks ago. pic.twitter.com/6ONLibQiL2
– Alex Krüger (@krugermacro) July 2, 2022
During the 2018 bear market, he added, the all-time high volume did in fact occur weeks before the bottom, and if this moment follows the trend, July could be the next time. follow.
Previously, Rekt Capital has Debate that the volume of buyers is not strong enough to maintain a new uptrend in the long term, and at the same time highlights volume 2018 move.
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 is risky, you should do your own research when making your decision.