The Bitcoin price is slipping into a critical area following a decline in the previous buying pressure. Many traders and investors in the crypto market wonder if the top crypto will recover as confidence in a new Bull Market barely show signs of a recovery.
Bitcoin price trends to the downside on the daily chart. Source: BTCUSDT on Tradingview
Top Bitcoin Pundit: Watch Out For This Level
According to Daan Crypto, a senior crypto analyst, the Bitcoin price has weakened due to changes in the macroeconomic arena. In that sense, the analyst believes bull must hold the levels above $99,000 or they risk a bigger decline into the monthly lows sitting at around $90,000, as seen in the chart below.
Some of the elements affecting the Bitcoin price on the macro side include a good Consumer Price Index (CPI) print from the US, and a ‘good deal’ between this country and Chinese representatives. These news indicate decline in inflation and potentially an end to trade war between the two giants, respectively. However, the analysis noted:
At this point I’m fairly certain that if price breaks either the current monthly high or low, that it will keep trending that direction for the rest of June (and possible beyond). Eyes on those levels.
Still quite a volatile and headline driven market currently(…). So markets down on good news is always something to note. Just one day for now but good to be aware of.
James Wynn Makes Key Warning – Manipulation in the Bitcoin Price?
On similar news, James Wynn, a crypto trader that recently gained notoriety by leveraging millions of dollars to bet on the Bitcoin price, believes the selling pressure will rise on the short timeframe.
Wynn has been alerting its X followers on the alleged manipulation of the crypto market by big players. These massive investors, according to the crypto trader, target key levels and push Bitcoin towards them to hunt for liquidity in detriment of retail users.
This time Wynn claims ‘Market Makers’ might push the Bitcoin price down to the $106,000 area. However, the trader believes the downtrend will be short advising his followers of an imminent rebound. Wynn stated via X:
Hold onto your seats fellas. The MM’s are gonna try and push $BTC to around $106.8k to take out some over leveraged longs (not me). I learned the hard way.
Buy the dip or sit on your hands. It’ll be over quick. Time is ticking. New ATHs around the corner. Don’t be shaken.
Whether the downtrend will persist or if prices recover in the short term remains to be seen, but current price action suggests an imminent spike in volatility.
Cover image by ChatGPT, BTC/USDT chart from Tradingview