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Bitcoin’s Bullish The impulse has faded something After reaching a historical maximum of $ 111,000 on May 22, throwing doubts about the sustainability of the demonstration. Bitcoin has retired slightly After your registration impulseAnd analysts are divided into what this means for their Price action in the future.
Curiously, Not everyone is convinced The recent maximum of all time reflects a genuine force. One of the most notable challenging voices is that he is the expert in certified cryptography Tony “The Bull” Severino, who warned that the Bitcoin movement may not be as solid as it seems on the surface.
In its evaluation, Tony Severino argues That the break at $ 111,814 lacks technical confirmation generally associated with a true bullish rupture. He pointed out that while Btcusd printed a new high, other important commercial pairs did not do the same.
The failed breakup indicates weakness instead of strength
In particular, Bitcoin failed to reach a new historical maximum against coins such as the euro, the British pound, the Japanese yen and the Swiss Franco. The same applies to BTC/Xau, the price of Bitcoin measured against gold, which is currently far behind its previous peak of 41 ounces per Bitcoin. At the time of writing, that couple still looms 32 ounces, a significant difference that suggests the The ascending impulse is isolated to The US dollar.
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This divergence leads to Severino to argue that the movement could be a byproduct of the USD’s weakness instead of Bitcoin’s force. A true bullish rupture, he says, would have been evident in multiple pairs of currencies and asset reference points. His skepticism is reinforced by the structure of the graphics, as seen in the six comparative panels that he shared on the social media platform X. Most of them show Bitcooin forming lower maximums or simply does not coincide with the previous level of all time.
For example, the price of Bitcoin in euros is still well below its peak of € 105,890, currently quoting around € 93,229. Similarly, Bitcoin has failed to violate the 17 million mark against Japanese Yen and is now at ¥ 15.28 million. The same trend is repeated in the pairings of Swiss and British pounds, with BTC / Swiss Franc without crossing 99,254 and BTCGBP forming a lower maximum to $ 78,228. These price actions make it difficult to argue that Bitcoin is in a universally strong position, particularly when measured in more than USD.
Caution with the next open monthly candle
In conclusion, Tony Severino warns of merchants and investors that are not deceived by the optimism at the surface level that comes with a new maximum of all time in BTCUSD. A single break, Especially one that lacks confirmation of the resistance to the couple and the fundamental indicators, does not necessarily indicate the beginning of a new five wave or a upward trend sustained for the price of Bitcoin.
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According to him, May’s monthly candle closes and the June monthly candle will be important in Determine the following address. If current indecision is backed, technicians could stagger the downer Towards a larger correction.
At the time of writing, Bitcoin is traded at $ 104,850 after reaching a minimum of 24 hours of $ 103,832. This is a brief recovery of its June opening, $ 104,646.
Getty Images’s prominent image, Record of TrainingView.com
