Bitcoin (BTC) hovered around $67,000 on Sunday as traders flagged potential underlying weakness in the market.
Key points:
– Bollinger Bands have narrowed, signaling an imminent volatile BTC move after a quiet weekend.
– A trader expects a downward move, citing weak support and exposed downside wicks.
– Sideways action persists while sellers increased activity into the end of the week.
Bitcoin trader waits for sweep of sub-$60,000 lows
TradingView data showed volatility cooling over the weekend, with BTC/USD trading inside an ever-tighter range. On four‑hour charts the Bollinger Bands compressed — a classic precursor to a sharp breakout in either direction.
Pseudonymous trader LP favored the bears in their latest analysis. Looking at past cycles, LP noted bottoms often followed multiple sweeps of lows that forced capitulation before reversals. This cycle, LP argued, has repeatedly swept highs instead, which makes entering shorts harder while leaving downside liquidity and local lows exposed.
LP highlighted February’s wick below $60,000 and said a sweep of those local lows was likely inevitable. They advised watching how price behaves if a breakdown occurs: repeated low sweeps that make it psychologically difficult to enter longs would be a sign a true bottom is forming.
Whales “buying dips and selling rips” on BTC
Keith Alan, cofounder of Material Indicators, pointed out unusual selling despite the flat BTC price. Using Binance order‑book liquidity and volume by investor class, Alan identified a time‑weighted average price (TWAP) bot that sold about $18 million in one hour on Friday — far above its typical $3–$5 million daily volume for that class of orders.
Alan characterized this as non‑retail activity and said whales were effectively “buying dips and selling rips” while Bitcoin remained rangebound. Cointelegraph also noted additional risks to bulls, including renewed US dollar strength.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
