Bitcoin: On lower timeframe, buying BTC in this area could be quite risky
— Timeframe, Past, Risky, Lower, Bitcoin, Price, Month, Range, Volume, Significant — 1 min read
Bitcoin [BTC] has traded between the $22k and the $19k levels for the better part of the past month. The formation of a range does not indicate a phase of accumulation. Back in May, after a sharp drop to $27k, the price appeared to consolidate about the $30k mark. Two weeks into June, the hopes of the bulls were brutally smashed as Bitcoin nosedived to $20.5k and $17.8k support. On-Balance Volume (OBV) did not see a significant breakout, but the past few hours of trading did see significant buying volume on the OBV. The mid-point of this range lay at $20.6k, right in the middle of a stiff zone of resistance. Source