Bitcoin Price Action Confuses Investors, Watch Out This Support – Crypto News – Crypto News
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Bitcoin Price Action Confuses Investors, Watch Out This Support – Crypto News

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2 years ago

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The world’s largest cryptocurrency Bitcoin has continued to remain rangebound over the last week and more, with the BTC price flirting around $30,000 levels as of now. Investors, however, remain confused as to whether the BTC price is heading next.

Currently, Bitcoin is facing some downward selling pressure and facing difficulties to hold above the $30,000 level. Citing on-chain data from Glassnode, popular crypto analyst Ali Martinez reported that around 1.72 million BTC were last transferred within the price range of $29,500 to $30,200. This range is considered a significant area of ​​resistance.

Keep an eye on this range, as it might turn into a support level. If that happens, we can expect exciting and positive price movements!

The analyst further reported that as per the TD Sequential indicator, the daily chart for BTC is showing a buy signal. If the daily closing price goes above $30,000, it could confirm the bullish pattern, leading to a potential rise to the range of $30,400 to $30,600.

However, it’s important to be cautious around the $29,500 level. If there are any indications of weakness or a decrease in support at this level, it could negate the buy signal.

Bitcoin Sharks Accumulate, Whale Wallets on a Pause

On-chain data also shows that Bitcoin sharks have continued to accumulate even during this consolidation. However, sharks have put a pause for now. On-chain data provider Santiment writes: “Bitcoin has rebounded back above $30k this weekend, and it’s recommended to keep an eye on the number of large addresses as summer progresses. If the 100+ $BTC wallet line begins rising again, another breakout greatly increases in probability”.

Courtesy: Santiment

However, some market analysts continue to stay bullish on Bitcoin considering the upcoming halving event in the next year. According to Standard Chartered analyst Geoff Kendrick, Bitcoin miners are creating a positive cycle that could drive the token’s price even higher than the already optimistic predictions.

When the price of Bitcoin goes up, miners tend to sell fewer coins, which is a positive trend. Earlier this month, he mentioned that the price of Bitcoin could potentially reach $120,000 next year, showing a significant increase of 300% from its current value.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explores his culinary skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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