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Bitcoin bullish momentum has somewhat faded Bitcoin has pulled back slightly after hitting a high of $111,000 in May. Bitcoin is down a little. after its record-setting pushAnalysts are divided on the implications of this for its price action going forward.
Interestingly, not everyone is convinced The recent high is a sign of strength. Tony, a certified crypto expert is one of the prominent voices that has questioned this. “The Bull” Severino warned that Bitcoin may not have the strength it appears to be.
According to his evaluation, Tony Severino argues The breakout of $111 814 is not technically confirmed, which would be expected for a bullish breakout. The BTCUSD print did show a new record, but other trading pairs didn’t follow.
Failure to Break Out Indicates Weakness, Not Strength
Bitcoin has not reached a record-breaking high in relation to currencies, such as Euros, British Pounds, Japanese Yens, or Swiss Francs. BTC/XAU is the price of Bitcoin measured in gold ounces. It currently lags behind its previous peak, 41 ounces. As of the writing of this article, the pair was still at 32 ounces. The difference is significant and suggests that there may be a trend. upward momentum is isolated to The US Dollar
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This divergence causes Severino, who is a Bitcoin proponent, to suggest that the movement could have been a product of USD’s weakening rather than Bitcoins’ strength. According to him, the breakout should have occurred across different currency pairs as well as asset benchmarks. Seen in six comparison panels he published on social media platform X, his skepticism was further bolstered by the chart structure. They all show Bitcoin at lower levels or not matching the prior high.
For instance, Bitcoin priced in euros is still well below its peak of €105,890, currently trading around €93,229. Similarly, Bitcoin has failed to breach the 17 million mark against the Japanese Yen and now sits at ¥15.28 million. The trend in Swiss Franc/British Pound pairs is the same, as BTC / Swiss Franc failed to surpass 99,254, and BTCGBP formed a low high of $78,228. This price action makes it hard to say that Bitcoin has a strong global position.
Be Careful With The Next Monthly Candle
Tony Severino cautions investors and traders not to be deceived by the optimism at first glance that is accompanied with a BTCUSD new record high. A single breakout, A wave 5, especially one that lacks confirmation by fundamental and cross-pair indicators, may not signal the beginning of a new bullish trend or the Bitcoin price.
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The May candle close and June candle open, according to him will be crucial in determining the next direction. Technicals may turn bearish if the indecision is bearish. towards a larger correction.
Bitcoin has reached a 24 hour low of only $103,832. The price has recovered from the June opening level of $104,646.
Chart from Tradingview.com, image featured from Getty Images
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
