Equity markets are on a record trend as the price of Bitcoin (BTC) falls below $ 21,000. Meanwhile, some investors continue to buy, believing the decline.
$ 25,000 seen as a bullish line in Bitcoin
TradingView data showed that when the last week of June began, Bitcoin followed the stock market crash. Bitcoin hit a three-day low after a stable weekend. Subsequently, it fell below $ 21,000. While traders do not have general bullish confidence, further bearish outlook remained as $ 22,430 was still below the 200-week moving average (WMA).
Famous Twitter analyst Michaël van de Poppe said in a Twitter thread that day: “Bitcoin says NO to the $ 21,000 support. No problem. Our levels are structured,” he said. In another post, he suggested that lower levels will attract traders to open a long position. Support was near $ 20,325 and $ 20,100. However, Bitcoin has failed to maintain any of these levels. Now, the bears are aiming for $ 19,000 in overshoot.
Credible sheds light on what will happen after $ 25,000 for Bitcoin
Meanwhile, fellow trader and analyst Credible Crypto has updated their Bitcoin analysis. Earlier this month, he revealed how Bitcoin will support the low of $ 17,600. In a video update, Credible noted:
If we can retrace $ 25,000, pushing it as high as $ 30,000 ($ 28.29,30,000), I don’t think we will see any new lows at this point. So if we see any new drops, I expect it to happen before I claim $ 25,000 back.
Bitcoin remained on track to close its first month below 200 WMA that day. It separated the current bear market from the previous ones.
Bitcoin withdraws from exchange wallets
Meanwhile, evidence continued to build that investors were buying the decline. The exchanges have seen huge drops in BTC supply in the past few days, after the whales made headlines for adding around $ 20,000 in Bitcoin.
According to on-chain analytics firm Glassnode, June 26 saw the largest cumulative change in BTC not held in exchanges. The 30-day average change in offering held on the exchange fell 153,849 BTC as funds moved elsewhere.
cryptocurrency.com As we have also reported, miners are having a hard time in this period. Despite the slight recovery, miners have often begun to capitulate, which is the last leg of the bear market. Also, according to Hash Ribbon, miners’ capitulation has already begun since the 60-day MA went through the 30-day MA. Bitfarms, one of the largest Bitcoin mining companies in the world, had to sell BTC on these terms. The company sold around 3,000 BTC worth $ 64 million in June to increase liquidity.
The similar situation repeated itself in August 2021, when the 30-day MA passed. Over the next three months, Bitcoin rose and the ATH level reached $ 67.5k.
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