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Bitcoin’s Bullish Momentum is somewhat faded After reaching a record high of $ 111,000 on 22 May, doubts the sustainability of the rally. Bitcoin has withdrawn something After his record-stating pushand analysts are divided on what this means for being Price promotion in the future.
Interesting enough Not everyone is convinced The recent high of all time reflects real power. One of the most striking voices that challenges this is certified Crypto expert Tony “The Bull” Severino, who warned that Bitcoin’s movement might not be as solid as it looks like the surface.
In his assessment, Tony Severino argues That the outbreak up to $ 111,814 misses the technical confirmation, usually associated with a real bullish breakout. He noted that although BTCUSD printed a new high, other large trading couples did not follow.
Failed outbreak indicates weakness instead of strength
In particular, Bitcoin did not succeed in reaching a new all time against currencies such as the euro, British pound, Japanese yen and the Swiss Franc. The same applies to BTC/XAU, the price of Bitcoin, measured against Gold, which is currently behind the former peak of 41 grams per bitcoin. At the time of writing, that pair still floats at 32 grams, a significant difference that the Upward momentum is isolated The US dollar.
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This divergence means that Severino ensures that the move can be a by -product of the weakness of the USD instead of the power of Bitcoin. A real bullish breakout, he says, would have been clear with multiple currency pans and asset benchmarks. His skepticism is further strengthened by the structure of the graphs, as can be seen in the six comparative panels he shared on the social media platform X. Most of them show Bitcoin that forms lower highlights or simply does not match the previous of all time.
Bitcoin priced in euros, for example, is still far below the peak of € 105,890, which is currently being traded around € 93,229. Similarly, Bitcoin has not succeeded in breaking the 17 million against the Japanese yen and is now at ¥ 15.28 million. The same trend is repeated in the Swiss Franc and British pound pairs, where BTC / Swiss Frann cannot cross 99,254 and BTCGBP that forms a lower high at $ 78,228. These price actions make it difficult to claim that Bitcoin is in a universally strong position, especially when measured in something other than USD.
Pay attention with next monthly candles open
In conclusion, Tony Severino warns traders and investors who are not misled by optimism at surface level that comes with a new all time high in BTCUSD. A single outbreak, In particular, a missing confirmation of cross-pair strength and fundamental indicators does not necessarily indicate at the start of a new Golf Five or a persistent bullish trend for the Bitcoin price.
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According to him, the monthly candles of May and the monthly candles of June will be important in Determine the next direction. If the current indecision Bearish ceases, technical means Bearish can falter To a larger correction.
At the time of writing, Bitcoin is traded at $ 104,850 after reaching a 24-hour low of $ 103,832. This is a brief recovery of the opening of June of $ 104,646.
Featured image of Getty Images, Chart van TradingView.com