Bitcoin Slumps Below $40k Again, Here’s What To Consider In The Coming Days
August 03 2021 - 3:30AM
NEWSBTC
Bitcoin temporarily surpassed $40,000 before falling below again as
investor sentiment shifted to mildly negative. Bitcoin Tanks Below
$40k…Again After climbing to $42,000 over the weekend, it appears
like Bitcoin is losing pace once more. As of press time, the
world’s largest cryptocurrency was down 3%! Bitcoin is currently
selling at $38,591 with a market capitalization of $724 billion.
Investors are frustrated by Bitcoin’s recent price volatility,
which has shown dramatic oscillations without confirming any
particular trend. Algo-traders and options What investors should do
from now on, according to Altcoin Psycho. According to Bitcoin’s
technical charts, if it manages to break out over $41,000 and hold
it for a long time, it will move to $49,000 levels. On the
downside, if Bitcoin crashes under $36,000 levels, the next support
levels will be at $29,000. $BTC If we reclaim the range high at
41k, long and close at 49k. If we lose 36k, short to 29k. We just
have to wait for one of the triggers pic.twitter.com/e1Dx9RR6Gp —
Altcoin Psycho (@AltcoinPsycho) August 2, 2021 From here on out,
things aren’t going to be easy for Bitcoin investors. Bitcoin’s
social and audience attitude is still slightly pessimistic. Bitcoin
sentiment remains somewhat unfavorable, based on the Bitcoin social
volume and ratio of good vs. negative remarks, because crypto
investors/traders are quite active on the social media channel
Twitter. BTC sentiment remains in the negative. Source: Santiment
Related article | On-Chain Expert Predicts $162K Bitcoin Peak This
Cycle On-chain Observations For Bitcoin The Adjusted SOPR (aSOPR)
indicator demonstrates that the bulk of on-chain spending has lost
money during the May sell-off. As resistance, the aSOPR value of 1
was used. Last week, however, the SOPR surged significantly higher,
owing to significant profit realization on the Bitcoin blockchain.
The market has ceased realising profits (holding conviction
remains) and absorbed the sell pressure, according to Glassnode,
with aSOPR recovering higher. Source: Glassnode According to
another well-known researcher, Joseph Young, Bitcoin (BTC) is
currently trading at levels last seen in February 2021. The open
interest in the futures market, on the other hand, is quite low. As
a result, Young describes it as a “far healthier spot-driven
rehabilitation” and thus remains optimistic. He wrote on Twitter:
Bitcoin is where it was in February 2021. Yet, the futures market
open interest is significantly lower. This is a much healthier
spot-driven recovery. Bitcoin is where it was in February 2021.
Yet, the futures market open interest is significantly lower. This
is a much healthier spot-driven recovery. Optimistic.
pic.twitter.com/mBB4BBYbEd — Joseph Young (@iamjosephyoung) August
2, 2021 However, analyst have cautioned traders against basing
their upside projections on prior market increases. For example,
Bitcoin’s climb from $66 to $1,150 in 2013 does not imply that it
will rise from $29,000 to $256,000 in 2021. Given how volatile
Bitcoin has been over the previous three years, forecasting future
price movements has proven challenging. If you’re betting on
Bitcoin’s long-term future, any price level between $30,000 and
$40,000 could be a decent place to start accumulating. BTC/USD
nosedives below $40k. Source: TradingView Related article | Bitcoin
Remains At Risk, Why BTC Could Nosedive Below $38K Featured Image
from pixabay, Charts from TradingView, Glassdoor, and Santiment.
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