---
title: "Bitcoin traders eye $28K retracement as BTC price retains 20% gains"
url: https://diffcoin.com/bitcoin-traders-eye-28k-retracement-as-btc-price-retains-20-gains/
description: "Bitcoin (BTC) lingered near $30,000 on June 22 as traders sought opportunities to “buy the dip.”BTC/USD 1-hour chart. Source: TradingViewBitcoin…"
published: 2023-06-22
updated: 2023-06-22
author: "Mila"
site: "Diffcoin"
---

# Bitcoin traders eye $28K retracement as BTC price retains 20% gains

Bitcoin (BTC) lingered near $30,000 on June 22 as traders sought opportunities to “buy the dip.”

*BTC/USD 1-hour chart. Source: TradingView*

## Bitcoin dip-buyers “ready” for $28,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD volatility calming overnight after rapid gains.

BTC price performance had wowed the day prior, the largest cryptocurrency returning to the $30,000 mark for the first time since mid-April.

Now, hopes were increasing over a modest correction next, enabling lucrative entry points for further long positions.

> [#BTC](https://twitter.com/hashtag/BTC?src=hash&ref_src=twsrc%5Etfw)
> 
> Not shorting, waiting for an entry lower. [pic.twitter.com/WgIibKQAs9](https://t.co/WgIibKQAs9)
> 
> — Ed_NL (@Crypto_Ed_NL) [June 22, 2023](https://twitter.com/Crypto_Ed_NL/status/1671839826482548740?ref_src=twsrc%5Etfw)

“Bitcoin looking at this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, [told](https://twitter.com/CryptoMichNL/status/1671784268337500162) Twitter followers.

> “I think, $28.500 is a great spot for longing, the lower the better, but I think that’s the zone where you want to get it before we’ll continue to $40,000.”

*BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter*

Fellow trader Crypto Tony [maintained](https://twitter.com/CryptoTony__/status/1671768731670937602) a more modest target of $32,000 next, while Jelle considered longer-term levels far beyond — including past the [current $69,000 all-time high](https://twitter.com/CryptoJelleNL/status/1671795654534877184/photo/1).

“After the falling wedge breakout, we are now back at the key resistance: $30,000,” part of the day’s analysis [read](https://twitter.com/CryptoJelleNL/status/1671793972027564032).

> “Price seems to be stalling a bit, which suggests we may get some dip-buying opportunities soon. Watching $29,000 and $28,000 personally – ready to bid if we get it.”

*BTC/USD annotated chart. Source: Jelle/Twitter*

## BTC price volatility “no exception” to norm

Analyzing the nature of the past days’ upside, meanwhile, on-chain analytics firm Glassnode argued that Bitcoin was doing nothing out of the ordinary.

***Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up***

Volatility had followed an extended period of sideways BTC price action — something common to many other breakouts.

A chart [uploaded](https://twitter.com/glassnode/status/1671829458616033280/photo/1) to Twitter showed 30-day highs and lows over the years, with the previous month described as “extremely tight.”

“Historically, extremely tight trading ranges have preceded large, volatile moves in either direction,” Glassnode commented.

> “Thus the 30-day Bitcoin High and Low price range can be utilized as a prescient indicator for detecting incoming volatility, with the most recent rally being no exception.”

*Bitcoin 30-day price high and low annotated chart. Source: Glassnode/Twitter*

***Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises***

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/bitcoin-28-k-retracement-btc-price-retains-20-gains)