Bitcoin is losing support at $30,000. What’s next?
When the price of bitcoin declines, traders always have the same question: Is this the start of a deeper correction, or is it a great opportunity to enter a long position?
According to the Cryptocurrency Screener Cryptovizorwhich determines the price of BTC/USD based on the results of trading on spot exchanges, the lower point of the fall of the cryptocurrency was $29,650.
Analyst Greeks compared what happened with a V-shaped reversal, as the price quickly recovered to previous levels during the Asian trading session. But not a single fall passes without a trace, and the question arises: what’s next?
Michael van de Poppe, head of trading firm Eight, has once again shown his bullish nature. He wrote on twitter:
Most likely, liquidity will be collected in the $29,500 area, with a low of a fall of $29,000. After that, $32,500 | $34,000 | $38,000 for one bitcoin.
However, with a well-known trader disagreed his colleague Crypto Tony, who is preparing to open a short position after the loss of $ 29,800 by bitcoin:
Yesterday we tested the bottom of the range at $29,800, but it’s okay if we even lose it. If this happens and we fix lower, I’ll just go short.
Are there any reasons for further decline?
There would be a fall, but there will be reasons. More recently (dump dated July 14), these were 9,000 BTC that came into motioncontrolled by the US Department of Justice, which in March promised to sell off 41,500 bitcoins associated with Silk Road in four batches within a year.
But even now not everything is smooth sailing. The market is under pressure from the problems of the largest cryptocurrency exchange Binance, which has already lost a significant part of its top management and, according to media reports, is planning large-scale layoffs.
In mid-June, former Securities and Exchange Commission (SEC) Chief of Internet Surveillance John Reed Stark said he sees many signs that the US Department of Justice will file a criminal charge against Binance for money laundering. If this happens, then Bitcoin will undoubtedly go to test the support levels.
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