Bitcoin traders eye $28K retracement as BTC price retains 20% gains

bitcoin (BTC) held near $30,000 on June 22 as traders looked for opportunities to “buy the dip”.

Bitcoin buyers are "ready" for $28,000

Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD volatility subsided overnight after rapid gains.

BTC Price Performance Had Wowed The Day Before, The Largest Cryptocurrency getting back to the $30,000 mark for the first time since mid-April.

Now, hopes were rising for a modest correction ahead, which would allow lucrative entry points for new long positions.

#BTC

I don't short, hoping for a lower entry. pic.twitter.com/WgIibKQAs9

— Ed_NL (@Crypto_Ed_NL) June 22, 2023

"Bitcoin looking at this scenario," Michaël van de Poppe, founder and CEO of trading company Eight, said Twitter followers.

"I think $28,500 is a great place to aim for, the lower the better, but I think that's the zone you want to get it in before we go on to $40,000."

Fellow Crypto Trader Tony kept a more modest target of $32,000 next, while Jelle considered long-term levels well beyond, even past the current all-time high of $69,000.

“After the breakout of the falling wedge, we are now back at the key resistance – $30,000,” part of the day's analysis. read.

“It looks like the price is stalling a bit, which suggests that we may have some buying opportunities soon. Looking at $29,000 and $28,000 personally, ready to bid if we get it."

BTC price volatility “no exception” to the norm

Meanwhile, analyzing the nature of the rally over the past few days, on-chain analytics firm Glassnode argued that Bitcoin was not doing anything out of the ordinary.

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The volatility followed a prolonged period of sideways BTC price action, common to many other breakouts.

A table uploaded a Twitter showed 30-day highs and lows over the years, with the previous month being described as "extremely tight."

“Historically, extremely tight trading ranges have preceded large volatile moves in either direction,” Glassnode commented.

"Therefore, Bitcoin's 30-day high and low price range can be used as an prophetic indicator to spot incoming volatility, and the most recent rally is no exception."

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.