July 21, 2024

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Bitcoin Price Holds As Investors Buy Lower »Cryptocurrency Insiders

Bitcoin Price Holds As Investors Buy Lower »Cryptocurrency Insiders

The Bitcoin (BTC) The market appears to be calming down after the massive crash last week and the days leading up to it. Market sentiment is turning to a slightly lower downtrend, but concerns are still very high. Analysts are once again deeply divided over whether Bitcoin has bottomed or will plunge deeper. How the price closes this week may be critical.

Bitcoin is down 16.5% this week

The Bitcoin price She tapped $40K on May 5th, but then started dropping. A week ago, Bitcoin actually dropped below $35,000, dropping to $26,600 on Thursday. Then Bitcoin started to recover a bit.

Bitcoin briefly breached $30,000 on Friday, but was then rejected by nearly $31,000 and dropped to $28,650 on Saturday. make bitcoin a file bounce, bounceBut the price did not exceed $30,300 last night.

Bitcoin dropped to $29,500 this morning and was able to recover a bit, but it was just rejected at $30K and down to $29,700 at the time of writing. KuCoin and 28,500 euros in Petavavo† This is 1% higher than the price 24 hours ago, but still 16.5% lower than the price a week ago.

Important Weekly Close for Bitcoin

Bitcoin’s closing price this week could be crucial to the price direction next time. If bitcoin holds here, it will likely retest $32,000 and then $34,000-$35,000. We’d rather see Bitcoin close above $30K this week.

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However, in the event of a drop in bitcoin, it is very important to hold between $27,000 and $28,000, otherwise there is a good chance that bitcoin will drop a lot, maybe to $24,000. Some bear Already talking up to $20,000, less than 200 days moving average.

Price direction in the near term is likely to remain largely dependent on macroeconomic developments due to the high correlation. If the traditional stock markets open in the red on Monday, there is a good chance that Bitcoin will withdraw again. The next meeting of the Federal Open Market Committee (FOMC) takes place in exactly one month, and higher interest rates could add to selling pressure.

Positive On-chain Data for Bitcoin

However, there are also positive signs for Bitcoin. The day before yesterday, there was a massive influx of BTC into exchanges, but IT Tech analyst noted that a net outflow of 29,800 BTC occurred yesterday. This is a sign that some investors are already buying on the dip.

Meanwhile, it seems that most of the older investors are still holding on to Bitcoin tightly. That was different during the March 2020 crash, which was accompanied by the outbreak of the Corona pandemic.

Meanwhile, up to 65.1% of the Bitcoin supply has been held for more than a year and this solid foundation will serve as rising Long term effect.

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