Bitcoin is heading towards its lowest weekly close in more than a month as selling pressure continues to pull the price towards $30,000. Fear of the Grayscale Bitcoin Trust (GBTC) six-month unlock period ending on July 18 continues to pull the market down.
Bitcoin has failed to respond from the previous dips of $32,320 and is stuck in the Bollinger band towards the next support level, $31,000. In case of a bad weekend, $30,000 and then $28,698 are seen as the support level.
The best-case scenario for Bitcoin seems to be that it reacts from the support levels we mentioned and retests the $32,320 and $32,771 levels. The only good thing for Bitcoin is that BTC.D is rising. This shows us that bottom collection activities continue.
When we look at the trading reports, we see that most of the Bitcoin and Ethereum sellers lately were short-term investors who bought in the last 5 months. The vast majority of these investors sold at a loss. It was stated that all BTCs sold at a loss were purchased in 2021. It seems that those who bought Bitcoin in 2020 or earlier are still in profit. In short, a little more time is needed for new investors to learn about this market.
Ethereum has also joined the bearish caravan like BTC… If it cannot hold the $1857 support, pullbacks can be seen up to $1729. If the supports work, they can force the 1931 and 2017 dollar levels. When we look at ETH.D, we realize that there is a channel between 17.50 and 17.04, it is trying to hold on here, and such a channel movement has resulted in positive results before.
The top earners in the last 24 hours are cryptocurrencies, NEM (XEM), BakeryToken (BAKE), Hedera Hashgraph (HBAR), Kusama (KSM) and Stellar (XLM), while the top losers are Telcoin (TEL), Axie Infinity (AXS), It became Enjin Coin (ENJ), THORChain (RUNE), and Decentraland (MANA). ADA, XRP, LTC, LINK, DOT and DOGE continue their downward trend.
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