Bitcoin (BTC) is printing a new price indicator this month — and it may not involve anything more than the day of the week.
In its latest Telegram market update on June 30, crypto trading firm QCP Capital revealed its “Turnaround Tuesdays” indicator had caught all of the past month’s BTC price extremes.
According to analysts, Bitcoin, despite trading in a predictable range with few deviations, has still displayed patterns of behavior in recent weeks.
In focus is what BTC/USD does on Tuesdays. The past four weeks have seen the pair deliver either highs or lows within its range each Tuesday, with this week no exception.
“The pattern this month thus far has been for Tuesdays to mark the range swing highs & lows,” QCP confirmed on Twitter on June 22.
Since then, a brief dip below $30,000 has occurred, with this “technical alert” then setting up $30,000 as support.
“Leaning on this, we’ve formed a moderately bullish bias,” the market update summarized.
QCP has a target of just below $40,000 for BTC/USD, this remaining unfulfilled after this Tuesday’s high peaked at $36,630.
As Cointelegraph reported, Bitcoin price action is for many analysts out of step with reality.
Related: Institutional investors aren’t buying Bitcoin at 50% of all-time highs… for now
As multiple indicators flash “oversold” for BTC/USD, attention is focusing on ridding the market of selling pressure to allow for an organic run-up to challenge resistance levels.
This pressure is assumed to come from institutional investors in the Grayscale Bitcoin Trust when it unlocks a significant tranche of BTC later in July.
For QCP, meanwhile, it is the pioneering adoption announcement from El Salvador that needs more recognition.
“On a broader note, we think that the market might be underpricing the recent acceptance of crypto by sovereigns (El Salvador and Paraguay),” the update continued.
“These might not be huge countries but we think it is a watershed in BTC’s transition from a speculative instrument to an investment-grade asset.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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