After the price crash of Bitcoin to below $40k, there has been a constant up and down movement of BTC. The market moves up, hits a resistance, falls down and goes back up again. So, the price has literally been stuck between $30k-$40k in the last month. Maybe it’s just a coincidence or something planned, but in June, Bitcoin saw market momentum change every Tuesday. This weird pattern was pointed out by a crypto trading firm QCP Capital and called “Turnaround Tuesdays”.
The Tuesdays in June
In the last month, all the highs and lows of Bitcoin happened on Tuesdays. You can take a look at the above chart that was shared by the firm and clearly shows how BTC followed a clear pattern in June. Even last Tuesday, it hit a high of $36,630 and turned around to move to lower levels from thereon. I think if Bitcoin is able to break the pattern, then the upward momentum will resume again.
Indicators are all in favour of Bitcoin, but the market seems to be in extreme fear and highly manipulated. It has tested $40k so many times but was unable to break through. The market is highly oversold, and it is just a matter of time before things start looking green again pretty much every day. But the 17th July unlock from Grayscale trust that is coming very soon might push Bitcoin to even lower levels, at least for a while.
Nothing is that positive
We can see easily that negative news has been affecting the markets, but the positive news is just isn’t there or isn’t doing much. Except for Elon Musk, whose tweets have never failed to move Bitcoin, nothing has worked. We have El Salvador accept BTC as a legal tender; the markets didn’t even budge as if no one knew. Then Germany gave Coinbase license to operate, no reaction! There are many such incidents like this. Maybe small developments in the sector won’t work anymore, and it will take something like the announcement of Tesla buying BTC to take it past that level again.
What are your thoughts on the Turnaround Tuesday where Bitcoin saw a market momentum change in June? And do you think it was a coincidence? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Financial advisory company Betterment is planning to offer long term crypto investments.
