Bitcoin fell below the “critical” level to avoid returning to $31,000-gold rises due to inflation data

Bitcoin (Bitcoin) Fell to the support level, which may decide to retest the $30,000 on July 13th, as the bulls failed to prove new gains.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin bulls see a loss of $33,000

Data from Cointelegraph Markets Pro with Transaction view BTC/USD underperformed on Tuesday, and Bitstamp’s local low was $32,240.

Above $33,000 is seen as a support level and as a springboard for continued bullishness, this week seems unstable at best.Saw one on monday Brief introduction below, The rebound barely lasted for 18 hours.

At the time of writing, $32,500 became a focus, and Bitcoin rebounded below a level that a trader believed must be held to prevent a return to levels close to $31,000.

“The key support I got here is the area around $32,600-32,900, you’d better consider it as support to avoid testing the lows again,” Michaël van de Poppe explained in an article. Update Early on Tuesday.

Due to the current lack of this zone, it seems that bearish sentiment can easily prevail in a lower time frame.

Trader Crypto Ed even posted a chart on Twitter, comparing the current price trend with the accumulation of Bitcoin bear market surrender events in December 2018, when Bitcoin fell to $3,100.

In other words, the fundamentals continue to stabilize after seeing their own partial bottom.This Hash rate More than 91 exahashes per second that day, and the difficulties continue avoid Set a new record-breaking decline in the adjustment this weekend.

Potential U.S. Bitcoin ETF gains bank support

Elsewhere, there is news that the Bank of New York Mellon will provide Grayscale’s banking services for potential Bitcoin exchange-traded funds (ETFs) failed to boost sentiment.

related: As the BTC price refused to be less than $30,000, a strong increase in Bitcoin holdings was found

A U.S. ETF has not yet received regulatory approval, and a total of 1 ETF is currently under the microscope.

However, even if it were to be launched, Different opinions If an ETF operates in such a large market, its impact on Bitcoin.

However, noting the impact of the introduction of the US ETF in 2005 on gold, popular Twitter commentator Rack Davis hinted that the direction will be clear.

“It basically started a 7-year bull market,” he said to sum up.

The July Consumer Price Index report to be released on Tuesday focuses on inflation, which boosted the stock market compared to the cryptocurrency market. Gold rose simultaneously, XAU/USD rose 0.7% to 1,813 US dollars.

1-hour chart of BTC/USD (blue) and XAU/USD (orange). Source: TradingView