The Swissblock analytics regarding bitcoin weekly close is still bearish with no signs of recovery. It is also likely that bitcoin will suffer another dip before price closes. Talking about altcoins it is clear that many altcoins are on a bearish parabola. Parabolas, when broken cause large corrections ( in this case upwards).The parabolas are not over yet though, but almost.

Swissblock analytics -Historical trend break

As per last week closing of bitcoin,200 weekly moving average was broken and bitcoin price is still roaming below the important level of $22500.It is also speculative that failing to reclaim that position will again cause bitcoin to dip at $16000 levels, the next support.

The next support of bitcoin can be around $16000 as per swissblock analysis and past moving averages overview. Charts will remain bearish and we are going to see new lows these days. Those lows will give good buy opportunity.

Options are going to expire

Tomorrow happens to be Friday. its the Last Friday of the month as well as last Friday of Q2 . So there is a lot of options expiry interest. As there is a lot of option strike at $20000, so there is a good chance that traders will keep the price in this range until tomorrow night.

Altcoin analysis

Analyzing the Alts in this way, If broken the Previous HL, Look for shorts into FVG | Demand, and if held previous HL like $FTM look for move into H4 Supply | FVG, unless breaks the HTF LH. Switch Bias Bearish at H4 Supply | FVG. Switch Bias Bullish if Breaks H4 or 1D Lower High.

MARKET MOVEMENT

As per swissblock analytics Total Average Bitcoin Trading Volume across all exchanges (counting only weekdays) has plummeted drastically in 2022, reaching lows not seen since late 2020, just before we started the bull-run that took us to $69,000. This pattern in trading volume could be shedding some light on what to expect for the rest of the year, and it’s exactly what we’re looking for.

What does this mean exactly?

This means that such a drop in average trading volume has historically meant that we’re getting close to a market reversal (being it a bullish or bearish reversal). Considering that we’ve been in a bear market for months, reaching new multi-year lows, we can expect our next move to be the upside.

BTC retracement

 Insights taken from swissblock analytics Bitcoin retraced back to the range + support area and took a reaction over it. Price trying hard to break this level. Now support is around $19,700. Breaking below this can print a new lower low. According to the chart taken from trading view.

For further understanding of the current situation Swissblock analytics have given the insights in analysis section. Stay tuned.

The crypto market crash followed by 3 major events including rising inflation and crypto FUD led to liquidations of billions. Swissblock analysis and market insights clearly shows that there is going to be some major lows to be seen yet in bitcoin price. One can see the major supports and resistances on the swissblock charts and can easily predict about the price action.

As per Swissblock analysis and the glassnode, it shows that bitcoin’s

• Net unrealized P/L has entered the capitulation phase.
• Entity-Adjusted dormancy flow has reached its lowest level.
• Puell Multiple is about to enter buy zone
• MVRV Z-score just entered buy zone.

Mining Pressure on bitcoin

Miners are in loss regarding their production cost and price basis. If they sell for a lower price than their production costs, they may have to sell for maintaining liquidity and their mining stations which leads to more selling pressure. Also the electrical cost to produce a bitcoin has represented a price floor in the bitcoin market price. In short, now miners are forced sellers to cover costs.

Swissblock analysis of bitcoin price

At the publication time, bitcoin price is $22,516 with daily indicators of MACD line:-1748 and signal line -1088.Infact as per the analysis, now 20k support is very weak ,only the point 17500-18500 is valid here. That is where its more interesting to come to the area of $13000.If there is not enough liquidity in the area of $17500,then they will go to $13000.

Swissblock technicals

BTC and ETH are both at their respective 200 week moving averages, bottom is likely to be very close and it seems to be marginal new lows on lower timeframes and so the expert opinion says that this is the spot to start acumulating. Regarding the history, BTC has bottomed 4x at the 200ema dating back 2014,probs safe to assume that its a pretty strong level. So as per the past events it is likely that we can wick below it but there are still 5 days left in the week.

Historical association of BTc with EMAs

As per the past events in bitcoin price action involving dumps and EMAS relation, following things has been redeemed by swissblock analysis

1. On the first attempt price just touches the SMA and goes up ( happened in Dec2018)
2. On second attempt, it wicks below the SMA (in March-2020)
3. on third attempt, price closes below(for months) forms new accumulation range.

Price action and dominance :

It seems that bitcoin has discovered the floor and jumps from that to go above 30000 usd.Crypto market on friday recovers from the extreme dump positions and is settled at $30300 at the publication time .

Yesterday Bitcoin dumped to $26,000 and bounced from there immediately. The weekly structure is still holding. The weekly candle close is very crucial and needs to close above the support level. A weekly candle close above $32,000 shows the strength of bulls and we see some recovery in the market. A candle close below $30,000 will put bears in control and we see sideways movement or downward movement in the coming weeks. You can watch all the updates regularly in swissblock.io updates section.

Talking about the bitcoin dominance it got rejected from 44.5–46.5 % levels of resistance.Due to this thing we are seeing greenery everywhere on the crypto portfolio interface of swissblock exchange.Now bitcoin dominance may touch the 42% levels to test it as a support.Breaking above the 44.5 levels will cause downfall in the alt coins.If bitcoin got stability in a range, then we are going to see 10–20% increment in the prices of tokens.

Gaming tokens recovery :

Several gaming tokens blew up today on friday as market got some pump.This fast recovery of GALA ,approximately 81% in the past 24 hours due to top buying of GALA by ethereum wallets.Meanwhile other metaverse and gaming tokens has also shown major recovery.Similarly APE coin also showed jumped 68 percent in past 24 hours.

For all new updates,stay tuned with swissblock.io updates section

One can predict the massive BTC shorts coming in future by having a look at swissblock updates section.On chain data also shows that huge number of btc is coming in (inflow) exchanges and there is expected to be a heavy shorts postioned once bitcoin drops below 30000 region. Meanwhile US market is also not showing any sign of reversal and is heading downwards.

Bitcoin bearish bearish behavior keeps downward momentum and didnt hold 32000 support levels. The major support of 30000usd is tested and the need of hour for btc is to hold itself above this zone for avoiding another flow of heavy sell off. Daily candle closure below 28000 will be extremely bearish and there will be huge panic in market.

El Salvador bought this dip and purchased its one of the biggest stock of bitcoin of around 500 btc. Shorters are increasing to new All Time Highs, thinking we’re about towards new multi-year lows, and this exactly why we see a short/mid term short squeeze move happening in the next days.

LUNA disruption

Terra hits its lows badly in this bitcoin crash and faced a major bloodbath .The asset recorded the major fall in this time .Due to loss of its dollar peg. LUNA tested the $22.80-$25 support level and this is the last support for this rally. A break below this support will send LUNA to sub $10 levels. The resistance as per charts is 37-40 usd.

This is going to be a hard time for the Terra parent organization, Luna foundation guard, and they started the liquidation process of their bitcoin reserves to cover up the UST buying to bring back the levels of UST stable coin to normal and stable.

6 weekly red candles of btc in a row !

Bitcoin has been maintaining its bearish behaviour following the price bracket of 29000 to 34000.BTC had seen a relatively stronger support at 36000 usd but due to low liquidity due to weekend causes break of this level.

Bitcoin keeps on dumping and reached out the next support zone around $34,200. Small pullbacks can happen but candles closing below $34,000 can lead in more dump in the market till $30,000, which is the major support area.This is the area where tight stoplosses are needed and swissblock has come up with reliable solution of putting the stoplosses alerts with high accuracy to let you in safe hands for a safe trade.

As 35.2k is broken now and this figure was vital for bitcoin to hold .There is a weekly close today, if there is a close below this figure, we will stay away from long transactions for a while.if a closing comes on it, this break will remain fake and we will continue where we left off.

Indicators usage and swissblock exchange:

Using trading indicators is part of any technical trader’s strategy. Paired with the right risk management tools, it could help you gain more insight into price trends .Swissblock crypto exchange indicators are well calibrated with market trends and helps in formulating a solid plan of action towards your trades.

Fundamentals and swissblock offering :

Understanding the fundamental is really important to you survive in the long run in any financial market.Now Bitcoin is supposed as a Tech Company. The root support valuation is from Mining industry / total Product Cost / electricity Cost/ Halving Well, the resistance is when the top hype spread everywhere after every new halving period with the highest revenue. Swissblock academy helps you in understanding the fundamentals of the market and the supposed next moves.You can easily access the fundamental blogs describing the current btc situation and major crypto events.