Bitcoin’s daily chart is ‘negative,’ which indicates bulls must defend $29K — Peter Brandt

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When it comes to short-term BTC price movement, the famed trader warns that there isn’t much to be happy about.

Bitcoin (BTC) must remain over $29,000 in order to maintain its positive case in the short run, according to well-known trader Peter Brandt.

In a tweet on July 1, Brandt, well known for his shrewd BTC price calls in recent years, warned that the onus was on bulls to show Bitcoin’s strength.

Brandt: Bitcoin daily performance “negative”

BTC/USD fell approximately 5% on Thursday, wiping out more of its recent gains even as several on-chain indications turned bullish.

Lower timelines, according to Brandt, suggested little hope, and a shake-up was now required to disturb the gloomy tone.

“The 5-week rectangle is still forming. The daily chart is clearly bearish “He added his thoughts alongside an annotated price chart.

“The burden of proof is on the bulls unless they can keep $BTC above $29,000.”

Peter Brandt’s BTC/USD annotated chart. Source: Peter Brandt/ Twitter

That level would still be higher than the one to which Bitcoin fell last week, with the current local low on Bitstamp being $28,600.

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Violation of this level opens the door to the previous multi-year high of $20,000, according to different sources.

Bitcoiners are still divided on what may happen in terms of negative short-term price performance.

On Wednesday, analyst John Bollinger, creator of the Bollinger Bands, eyed $31,000 as the lowest of three “logical” levels for BTC/USD. Some responses argued that such levels would not be revisited based on recent behavior.

Bollinger revealed he was also watching $35-36,000 and $41,000.

“So far they have been important milestones,” he said.

A painful price range

Despite this, Bitcoin adhered to forecasts about its probable daily bounce level on Thursday.

As previously said, a critical zone for traders to hold is between $32,300 and $33,000, with BTC/USD staying at the higher end of that range.

Lower prices continue to ruffle feathers, even among seasoned market participants. BTC/USD is currently as far away from its stock-to-flow objective as it was in January 2019, right after the 2018 bear market’s bottom. Bitcoin is expected to cost over $78,000 this week, according to a prominent price predicting algorithm.

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However, given the happenings in China, many believe that such price suppression is a natural conclusion.

“June 2021 brought the most aggressive sovereign assault on Bitcoin ever,” Travis Kling, head of crypto hedge fund Ikigai, said this week.

“That is not hyperbole, that is fact.”

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