It looks like Bitcoin will not gain as expected in the market by traders. Data from sites such as CoinTelegraph markets Pro and TradingView suggest that BTC/USD hit lows 32.4k on Thursday. The price was expected to increase to a higher level, as it had risen to $34,711 Before falling to $28,600.There is still resistance to its recovery, and market participants have been cautioned against the market’s volatility.
There is a high chance Bitcoin will continue being bearish for some time before it recovers. As much as the market expects Bitcoin to increase to $37,000–$38,000, it will likely bounce first at around $32000.Bitcoin is still in the process of retesting at $32000 as support, according to trade analysts. According to Whalemap, an analytics firm, Bitcoin has a significant resistance level of 37k due to the distribution of whale positions in the market.
From the Grayscale Bitcoin Trust events, it looks like the selling pressure of Bitcoin is still high even though it received a break, the beginning of July Before going lower.
The selling pressure from miners is changing even though China’s shaky market trend affects everything. Although bitcoin is hitting multiple lows, a classic indicator can be used to increase buy signals. It is what indicates the start of the bullish market at the beginning of last year.
The indicators suggest that miner profitability is lower as compared to the yearly average. This means that miners will be forced to lower their hash power, which will push them out of the market, as they will be forced to reduce decentralization. They will also be forced to lower the selling pressure, which will obviously affect the liquidity of the Bitcoin market.
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