Famous trader Peter Brandt claimed in a post on his Twitter account that the daily chart of Bitcoin (BTC) looks absolutely negative.
Brandt cited the $29,000 level as the key level for the bulls to hold.
https://twitter. com/PeterLBrandt/status/1410614829195300868
According to Brandt, a bearish rectangle pattern that has taken shape over the past five weeks is a major hurdle for Bitcoin to recover.
The leading cryptocurrency, which has left behind its worst quarter since 2018, is trading at $ 33,387 at the time of writing, according to CoinMarketCap data.
The second quarter of 2021 has been a highly volatile period for the asset. Bitcoin started the second quarter of the year with a bang and hit an all-time high of $64,895 on April 14. But the reign of the bulls did not last long. After Tesla stopped Bitcoin payments, the asset suffered a significant collapse with the effect of pressure from China.
Bitcoin continued its decline for the third month in a row, leaving behind the worst quarter since Q4 2018.
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