The crypto market has been quite volatile in the past week (with midweek corrections in BTC and ETH). That is no surprise as Bitcoin has been trading in a sideways channel since mid-August, with just a brief falling wedge. The pair has now broken out of the wedge with a 5% daily loss to start the week. The current support is at $33,300 USD. If bulls manage to defend the support level, we think a sharp rally to $40,000 USD is possible. However, if $33,300 USD fails, a daily close at sub-$32,000 USD is likely.
The price action of Bitcoin (BTC) has continued to deteriorate since yesterday, with the flagship cryptocurrency losing 5% of it’s value in less than 24 hours. After bouncing to a high of $33,849 at the close of business on June 26, the market has since fallen to a low of $32,132 at the time of writing.
A strong move over the $33,000 mark would be a bullish reversal signal and would provide some short-term support.. Read more about will bitcoin continue to drop today and let us know what you think.Bitcoin (BTC) suffered a major setback at 1. Further losses were experienced in July as attention turned to the upcoming test of a key support zone.
Annotated chart of the bitcoin liquidity ratio. Source: Willie Wu/Twitter
Wu released data on the relationship between bitcoin and liquidity, showing that strong hands strengthen their positions while new investors sell in panic.
I think this chart is the easiest way to visualize what happened under the hood last month, Clemente noted.
Strong hands have gained more and more during the recent price drop and are now offsetting the selling of weak hands. Now we wait for the completion of the accumulation – the exhaustion of the seller.In the aftermath of the long-range bullish indicators being back in favor, BTC/USD now has a new resistance level to consider as prices continue to hold above the fourth support of $33,000. The $33k support was the primary support between April and June and it has now become the next level of resistance to watch as we move forward and see if we can push prices upward again.. Read more about btc drop today and let us know what you think.
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