Bitcoin (Bitcoin) Breaking below $30,000 has almost exhausted all gains from the 2021 bull market-but the historic glimmer of hope is ready to save the bulls.
Data from the order book of the cryptocurrency exchange Binance confirmed that BTC/USD almost fell to the strongest support area ever.
BTC price reached “highest bid ever”
This is an Bitcoin hodlers’ 24 hours, And the defeat seems to be not over yet. After falling 6% overnight, BTC/USD fell to a low of $29,300-$300 lower than the opening price at the beginning of the year.
Therefore, despite reaching a high of $64,500 only three months ago, Bitcoin has actually returned to the starting point before the most intense phase of the recent bull market began.
Those who are worried that everything will be lost-at least in the short term-may be happy to discover that the same level currently has the largest Bitcoin “bid” ever.
As “Materials Scientist”, the creator of monitoring resource material indicators, revealed on July 20, BTC/USD is now supported by unprecedented demand.
“We just reached the largest bid ever,” the materials scientist concluded.
“It takes some huge FUD to break it. So, I think it is more likely to go up.”
However, the idea of Bitcoin falling below current levels is far from fantasy to traders, because Estimated 24,000 USD Even the $14,000 “End of the World Scenario” cycle online.
Other order book data from Binance shows that the resistance between the spot price and $35,000 is relatively small, which may make the rebound easier to design.
At the time of launch, as the market returned to relative stability, Bitcoin was hovering around $29,700.
“Parabolic” smaller hodlers feast
At the same time, the latest data covering investor activity around Bitcoin has produced some surprising results.
As the statistician Willy Woo pointed out on July 20, it is the smaller hodlers that are accumulating BTC, even if the largest whale divested its assets.
related: Since April, Rothschild Investments’ Bitcoin exposure has increased by 300%
“Little fish is parabolic,” he comment.
“This is the ratio of the supply held by 0-10 BTC holders to 100+ BTC (dolphin to humpback whale) holders. PS. The little guy holds 32% of the big guy’s holdings, which doesn’t even include Their loot on the exchange or ETF.”
In terms of years after the bull market halving, this makes 2021 look more similar to 2013 than 2017. Co-narratives in recent weeks.
