Bitcoin Recovers And Reattempts To Beat The Psychological Mark

After an auspicious rally earlier this week, the price of bitcoin (BTC) plunged again last Wednesday, June 1, reaching a local low of USD 29,305. This represented a drop of 9.4% from the high achieved that same day of USD 32,375.

According to analyst Jan Wüstenfeld, the accumulation of bitcoin has continued by long-term holders. However, this has not been enough to push prices to new heights, says the specialist.

Accumulation alone is not a factor that guarantees a subsequent uptrend, says Wüstenfeld. To support this hypothesis, he shows the three main sustained accumulation opportunities for bitcoin, indicated on the accumulation trend chart (ATS) with darker dots.The most recent accumulation, which occurred between September 2021 and January 2022, did not break bitcoin's downtrend, which in fact continues to the present. In recent days, the price of bitcoin managed to exceed the level of USD 30,000 with a rebound that was accentuated last Monday the 30th, as reported by CriptoNoticias.

In the price action of BTC, which continues to have a high correlation with traditional stocks and indices, the correction that began in November 2021 is still maintained. Possibly, the level close to USD 70,000 of the historical maximum was due to a highly speculative, while currently it appears that traders are looking to consolidate a bitcoin price closer to its true value.