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

Cryptocurrency Bitcoin (BTC) stayed close to the $30,000 mark on June 22 as investors looked for chances to “purchase at a lower price”.

Bitcoin dip-buyers “ready” for $28,000

Data from Cointelegraph Markets Pro and TradingView indicated that the volatility of BTC/USD had calmed down after its swift increase in value overnight.

The previous day had seen a remarkable performance from BTC, with the world’s largest cryptocurrency reclaiming the $30,000 mark for the first time in over two months.

Hope was rising for a slight improvement, which would create advantageous opportunities for taking additional long positions.

“In regard to this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, stated to his Twitter followers about Bitcoin.

Crypto Tony, another trader, had a more conservative goal of $32,000, while Jelle looked to higher, longer-term levels, even surpassing the present $69,000 record peak.

“The analysis for the day noted that, following the breakout from the falling wedge, we have returned to the key resistance of $30,000.”

BTC price volatility “no exception” to norm

Analyzing the recent surge in Bitcoin’s value, Glassnode, an on-chain analytics firm, concluded that the activity was not out of the ordinary.

The Grayscale Bitcoin Trust is nearing its 2023 highs as buyers increase their activity following the BlackRock ETF filing.

After a lengthy period of BTC prices remaining stagnant, Volatility had emerged, a phenomenon observed in many other breakouts.

A chart shared on Twitter depicted the 30-day highs and lows over the years, with the preceding month characterized as “extremely tight.”

Glassnode noted that historically, very narrow trading ranges have come before major, erratic movements in either direction.

Bitcoin is heading towards the goal of achieving “Net Zero” objectives.

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