Bitcoin Price Loses Key Support; Will BTC Drop to $27k? – Crypto News – Crypto News
Connect with us
bitcoin price bitcoin price

Business

Bitcoin Price Loses Key Support; Will BTC Drop to $27k? – Crypto News

Published

3 years ago

on

crypto news: Bitcoin appears to be continuing sideways movements pattern following the recent wave of spot Bitcoin ETF applications. However, the ongoing correction could likely be a deviation before the top cryptocurrency takes a bullish upside wave, analysts feel. BTC should first breach the key resistance area just above the $30,000 mark.

Also Read: Dogecoin Whales Scoops 3 Billion DOGE Ahead Of Twitter Rebranding

Crucial Level Of Resistance For Bitcoin

According to crypto analyst CrediBull, the key level of validation for bitcoin price remains $30,400, above which the doors for further bottoming are shut. If BTC can move above that, the downside is likely completed and could be a hard bottom signal, the analyst explained, In the price range of $29,500 to $30,200, about 1.72 million BTC were transferred, making it a key area to break. Also, at the current level, there hasn’t been any mass liquidation lately, which means the dip only means it is a deviation. Historically, it was seen that the lack of panic selling is generally a sign of bullishness.

A summary of the analysis noted,

“$30,400 remains the line in the sand for bull/bear. A drop thus far has been controlled, and no major liquidations were seen. The beginning of the end to this one month long consolidation structure is in sight.”

On the other hand, the Bitcoin balance of long term holders rose significantly in the last 30 days. The balance of BTC in addresses holding for 155 days or more grew by more than 62,000 Bitcoin. Overall, the long-term Bitcoin holder supply reached a new all-time high at 14.52 million Bitcoin, according to Glassnode. date, This means about three-fourths of the BTC circulating supply is essentially in the hands of long term holders.

Risk Taking Environment

Since the beginning of 2023, the global crypto market cap rose by around 50%, whereas stablecoin market size shrunk by nearly 8%. This could likely indicate the risk taking sentiment prevailing in the crypto market, Interestingly, at one point in 2022 crypto winter, stablecoins were heavily hoarded by investors to avoid headwinds due to negative crypto market news.

Also Read: Early LUNC Developer Says The Protocol Is “Rigged By A Single Actor”

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

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.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending