Bitcoin (BTC) Secures Position Above $30,000, Don’t Rush To Buy Yet
After taking a nosedive under $30,000 on Tuesday, July 20, Bitcoin (BTC) is back once again securing its crucial support. At press time, the BTC price is up 3.59% at $30,694, and a market cap of $575 billion.
The world’s largest cryptocurrency has been showing highly volatile performance over the last few weeks, and thus it will be prudent to not make any fresh entry at this point. Some traders expect more pain ahead for Bitcoin as it has been constantly breaking key support levels on the downside. Speaking at CNBC’s Trading Nation show, Delano Saporu, founder of New Street Advisors said:
“I think you probably have more downside, maybe to around the $22,000 range [to] the $17,000 range for bitcoin going back to Dec. 20 of last year. However, “from there, I do think there’ll be upside,” he said.
With the upside, Saporu probably means for the short term and that’s exactly what we are seeing today. Although bearish for the short-term, Soparu predicts a bright future for long-term Bitcoin investors.
“A lot of people that were speculating when the price was really at its highs and they were jumping in at that time were really looking for a quick profit, they were wrong at that time,” he added.
The Bitcoin Sell-Off Could Be Temporary
In the same interview at CNBC’s trading nation, Fairlead Strategies founder Katie Stockton shared a bit different opinion. Stockton believes that yesterday’s dip under $30,000 marks the bottom of the consolidation phase. She adds the Bitcoin is now ‘ripe for a shakeout’.
A shakeout is symbolic of a false breakout under the crucial support levels. However, the price quickly jumps back once the market “shakes out those weak holders of bitcoin”.
As per Stockton, if Bitcoin bounces back this week, it would mean the sell-off was temporary. Furthermore, she pointed to a secondary support level of $27,000 above which the long-term trend remains intact. On the north side, a strong breakout above the 50-day moving average i.e. $34,500 would mean the consolidation phase has bottomed out.
As Bitcoin continues its downtrend, institutional players have been buying at every dip. On Monday, Cathie Wood’s Ark Invest purchased 300K shares of the Grayscale Bitcoin Trust (GBTC). In the last quarter, Rothschild added 100K shares of GBTC to its kitty.
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Fed Jerome Powell Speech Today: Bitcoin, Ether ETF Data Signals Selloff Sentiment
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
