Although May passed with relative tranquility, June has begun with much excitement. The agenda is finally starting to settle today. Still, the outlook on this past Sunday indicated that we were about to start the quietest week of the year. This is exactly why we say cryptocurrencies are full of surprises compared to other markets.
Expert Commentary on Bitcoin (BTC)
Veteran crypto trader Tone Vays made significant statements in his recent market evaluation. According to him, the recent decline offers Bitcoin bulls an attractive buying opportunity at a cheaper price. In his latest strategy session, Vays argues that the drop Bitcoin experienced on Monday was largely a news-driven event. Investors were spooked by the news of the U.S. Securities and Exchange Commission’s lawsuit against crypto exchange Binance and its CEO, Changpeng Zhao, according to the trader.
I still think this is a good dip buying situation. This was a news-related event, and people panicked a bit because the SEC got involved.
Following the correction, Vays mentions that Bitcoin’s daily chart is currently in a downtrend as it trades below a significant moving average.
The daily chart looks very, very ugly. We broke the 128-day moving average. That’s one of my favorite moving averages. I don’t like that we broke it. If we go above this moving average within the next 24 hours, then it won’t matter. But if we don’t, there is horizontal support at $25,000. Besides, you have a long-term moving average at $23,500.
I would be surprised, very surprised if it goes below $25,000.
Will Bitcoin Go Up?
As of the time this article was written, Bitcoin finds buyers at $26,355. It has spent much time above this level throughout the day. The 128-day moving average that the analyst mentioned is currently at the $26,264 level. So, a positive scenario could happen soon. However, if the opposite happens, Vays thinks the bottom supports could offer a good buying opportunity for Bitcoin bulls.
Even though Bitcoin shows signs of weakness, Vays expects a bounce back in the coming days.
I still think we will rebound at any moment and go upwards.
Despite the lawsuit against the two biggest exchanges, Bitcoin did not drop below $25,300, supporting the positive sentiment for now.
