On July 9, Bitcoin and the broader cryptocurrency market experienced a modest rebound, helping to make up for some of Thursday’s losses, but a few analysts continued to warn Bitcoin Can still drop to 24,000 USD to 29,000 USD range in short term.
After the Bitcoin price reversed and recovered to $34,000, traders’ sentiment was slightly boosted, but the price was still trapped between key resistance and support levels, and the lack of buying volume remains a reasonable concern.
Tempting Beef, an anonymous trader on Crypto Twitter, also pointed out that the total market value of crypto and the market value of altcoins are still in an unstable state.
#encryption Neither the total market value nor the market value of altcoins have reversed their key pivots and formed lower highs. I’m sad.
-Tempting beef (@tempting_beef) July 8, 2021
Élie Le Rest, a partner of digital asset management company ExoAlpha, also pointed out that with the “non-directional trend” of BTC, the market is also “witnessing a decrease in transaction volume”, leading to “more crazy reversals within Bitcoin”. Range, hurts targeted traders. ”
Le Rest says:
“Within this range, we have witnessed skyrocketings and slumps, with prices slowly rising before falling rapidly, which is a typical feature of low-liquidity markets.”
Due to market volatility, Le Rest believes that market participants remain on the sidelines while waiting for “Gray Trust to stop selling bitcoin and China’s regulatory crackdown to calm down.”
Le Rest also pointed out that financial regulators around the world are reviewing Binance because “this is a considerable problem and it reduces the market’s ability to obtain the capital inflow required to exceed $40,000.”
According to Le Rest:
“Although these elements have been priced by the market, we continue to witness the widespread adoption of Bitcoin by traditional asset management companies, and they are looking for a good entry point to prepare for the next step.”
Signs of support above $30,000
Although the BTC price did fall below the weekly support level close to $34,500, anonymous cryptocurrency Twitter analyst Rekt Capital quickly pointed out that the price was supported at another established support level close to $32,200, resulting in “there is no major change in the trend.” .
In this age of uncertainty, a simple strategy Dollar cost average Even the most experienced traders will turn to it to relieve pressure and refocus on long-term price prospects.
If the price of Bitcoin falls, I will buy more.
If the price of Bitcoin rises, I will buy more.
This is the beauty of average dollar cost.
-All wolf (@scottmelker) July 8, 2021
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