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This article is also available in Spanish.
Bitcoin is stubborn The momentum was slightly faded After reaching the highest level of USD 111,000 on May 22, raising doubts as to the sustainable development of the rally. Bitcoin went back slightly After setting recordsAnd the analysts are divided into what it means for this Price in the future.
Interestingly, Not everyone is convinced The last high all time reflects real strength. One of the most significant voices that require this is the certified cryptographic expert of Severino “The Bull”, who warned that Bitcoin’s movement may not be as solid as on the surface.
In its opinion, Tony Severino claims that a breakthrough to 111 814 USD has no technical confirmation usually associated with a real stubborn breakthrough. He noticed that while BTCusd printed a up-to-date high, other enormous trade couples did not follow it.
A failed breakthrough indicates a weakness rather than strength
In particular, Bitcoin did not reach the up-to-date highest all time against currencies, such as the euro, the British pound, Japanese Jen and the Swiss franc. The same applies to BTC/Xau, the Bitcoin price measured in relation to gold, which is currently far behind the former peak of 41 ounces for bitcoins. At the time of writing, the couple still floats on 32 ounces, which means a significant difference that suggests The shoot is isolated to American dollar.
This discrepancy leads Severino to argue that movement can be a side product of USD weakness, not Bitcoin’s strength. He says that a real stubborn breakthrough would be evident in many currency pairs and resource references. Its skepticism is additionally strengthened by the structure of the charts, as you can see in six comparative panels, which he made available on the Social Media platform X. Most of them show lower maxima or simply do not match the previous level of all time.
For example, Bitcoin valued in euros is still far below the top 105,890 EUR, currently trading around EUR 93,229. Similarly, Bitcoin did not violate 17 million compared to Japanese Jen, and now it is 15.28 million ¥. The same trend is repeated in Swiss pairs and British pounds, with French BTC / Swiss not exceeding 99,254, and BTCGBP creates a lower level of 78 228 USD. These price activities make it challenging to argue that Bitcoin is in a universally mighty position, especially when you measure anything other than USD.
Caution with an open candle in the next monthly
To sum up, Tony Severino warns traders and investors so as not to mislead optimism at the surface level, which is associated with the up-to-date highest all -time btcusd. Single breakthrough, Especially the lack of confirmation of strength between pairs and basic indicators does not necessarily signal the beginning of a up-to-date wave of fifth or lasting stubborn trend at the price of bitcoins.
According to him, May Monthly Candle Close and June monthly candle will be significant in Determining the next direction. If the current indecision tilts, the techniques could be rear bars towards a greater correction.
At the time of writing, Bitcoin trades for USD 104,850 after reaching the 24-hour lowest level 103,832 USD. It is a miniature recovery after opening 104,646 USD in June.
A distinguished picture from Getty Images, chart from TradingView.com
