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The new trading week of 13 June ended as badly for investors as the previous one. The BTC price updated the local lows of the previous consolidation and visited the price range where it was last in 2020. Buyers lost control of the $29,000 range. Now is not the time to talk about a new global growth wave. The breakdown of this range occurred during the trading week of 6 June. Yes, before that, sellers also lowered the price below $29,000. However, during the trading week on 6 June, the price confidently closed below this mark. The final retest of $29,000 is still missing.
If sellers keep the $29,000 mark during sellers’ attack, the aim should be to continue the BTC fall in the medium term. The main target from which a powerful price rebound can occur is in the range of $18,000-$20,000. At the time of writing, there is only one question – will sellers be able to achieve this target without correcting the price up?
BTC Technical Analysis On The Daily Timeframe
Analyzing the movement of BTC price on the daily timeframe, we can see that the initiative of sellers is not happening at high volumes. Yes, trading volumes starting from 7 June are higher than during the consolidation before. However, compared to the fall wave on 9 May, the volumes are now not high enough to speak of the culmination of sales.
Bitcoin buyers will have a chance to change the situation near the $23,000 mark. It is near this mark that the lower training line of the fall channel passes, in which BTC has been trading since November 2021. If buyers keep this trend line and do not allow the BTC price to accelerate the fall wave – the chance of rebounding with the first target will be $29,000. Even if buyers control the $29,000 range, the maximum growth target ends in the $37,000 range. That’s where you should fix your long positions and expect a new fall wave.
The USDT Dominance Has Updated Its Historical High
The weekly chart of USDT dominance suggests that the fall wave of the entire crypto market is just beginning. The wedge in which the dominance of the USDT has been since July 2019 broke up. This happened just at the beginning of the new week of 13 June. Therefore, we will expect continued sales in the cryptocurrency market. The only thing that can save the situation and calm the mood of investors is to close the weekly candle dominance of USDT by a false breakdown. In this case, it will signal the culmination and future return of USDT dominance to the global wedge.