Traders warned that the Bitcoin price target was $24,000, and the price of Bitcoin fell to the “final support level”

Bitcoin (Bitcoin) It fell to the “final support zone” above $31,000 on July 15 because the low drop brought new predictions of the BTC price plunge.

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

With the fall of $32,000, the spread of Binance’s collapse widened

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a new local low of $31,550 on Thursday.

The currency pair made little progress overnight, as Italian legislators stated that the main exchange Binance had no right to trade within its jurisdiction, and therefore fell further.

Latest issue A series of setbacks Nevertheless, a spokesperson for the exchange told mainstream media that its operations were not affected by the announcement.

“We take a collaborative approach when working with regulators, and we take our compliance obligations very seriously,” the spokesperson commented. lead Reuters reported.

Therefore, spot traders have little reason to be optimistic. For popular trader Michaël van de Poppe, $31,000 represents Bitcoin’s last hope to avoid more series of declines.

He concluded earlier in the day: “Bitcoin did not maintain the 32.4K USD support level, but went lower, and it faces the final support area (31-31.5K USD area).”

“If this is lost, the next area is $29,000 and $24,000.”

BTC/USD annotated chart.Source: Michaël van de Poppe/Twitter

Holiday melancholy?

This Price headache This situation is exacerbated by the apparent lack of investor interest, and low trading volumes mean that continued bullishness is unlikely.

related: Trump’s former Treasury Secretary Mnuchin said it’s okay to buy Bitcoin as an alternative to gold

As data from the on-chain monitoring resource Glassnode discloseHowever, this may be a seasonal phenomenon rather than an emotional one.

“Investors don’t sell, they are just on vacation,” co-founders Yann Allemann and Jan Happel point out that exchange transaction fees have been drastically reduced.

Annotated chart of Bitcoin total exchange transaction fees.Source: Yann & Jan/Twitter

As Cointelegraph ReportFurther data shows that even investors who sold when BTC/USD reached $30,000 in the process of reaching the current all-time high were increasing their holdings.