Bitcoin has lost about 4.24% in value over the past 24 hours: the BTC price has not remained above the important support zone, $ 35,000. BTC is currently trading again at $ 33,222 and further losses could occur in the short term. What developments do analysts now expect from the number 1 cryptocurrency?
Weak quarter for BTC
Bitcoin has just decided its weakest quarter for the 2018 bear market. The second quarter of 2021, which began at about $ 58,000 on April 1, ended yesterday at $ 35,000 – a decline of about 40%. Bitcoin bulls must now successfully defend the $ 33,000 territory to prevent sales. But how likely is that?
Blockchain information provider Santiment, one of the most cited companies in chain analysis, is currently seeing uptrends. According to Santiment, fewer and fewer Bitcoins are available (for example, at eToro or Libertex) on cryptographic exchanges when long-term investors lift and store their coins. This is generally considered a good sign because cryptocurrency is no longer available for quick sale. Researchers write:
“Following the Bitcoins Dip in mid-May, BTC’s offering on the stock exchanges declined steadily and locked in due to Hodlers’ safe custody. It’s a good sign for bulls as funds move off the stock exchanges, reducing the risk of high selling risk.”
👍 Followed #Bitcoinmid-May dip, supply $ BTC Sitting on the stock exchanges is steadily dropped down and locked away to keep hodlers safe. This is a good sign #bulls, as the transfer of funds off stock exchanges reduces the risk of large sales. https://t.co/ABkcih9ea1 pic.twitter.com/NqU3ljRyIH
– Santiment (@santimentfeed) June 30, 2021
Never again will BTC under $ 26.5k
Youtube analyst “Crypto Capital Ventures” soul explained its 277,000 subscribers: Bitcoin is in the bull market – and will never drop below $ 26,500 again.
“The charts suggest that Bitcoin is in the middle of the bull market, and we’ll never see those prices again.”
The technical chart @TheCryptoCactus also assumes with a high probability that Bitcoin has reached its bottom and that recovery will take place soon. He emphasizes that there is nothing to worry about, and writes to his more than 46,000 Twitter followers:
“I still think we may have been the basis.
I think this is a corrective wave in the bull market, and there is no real need to worry about the macrostructure. “
While there could still be a downward movement due to manipulation, the analyst said that “only promoted positions should be concerned.”
$ BTC / USD
I still think the bottom could well be.
I think this is a corrective wave in the bull market, and there is no real cause for concern about the macro structure.
Even if we could move down and see a manipulated PA, only a superior position should be concerned. pic.twitter.com/iJ4pgoAvk1
– Cactus (@TheCryptoCactus) June 30, 2021
Bitcoin bear market?
Despite the generally declining price activity, chain analyst Willy Woo stresses that Bitcoin is not currently in the bear market. According to a well-known industry observer, people are currently buying “bitcoin like crazy”. If you look at the movements of the Bitcoin block chain, there is no evidence of a bear market, Woo explains together current interview.
A more positive picture emerges when looking at charts over a longer period of time. This shows: Bitcoin is still about 20% higher than at the beginning of 2021 – and based on January 1, 2020, it is up to 350%. As the saying goes, “If you are unsure, Zoom Out” – that is, “Not sure, Zoom Out”.