Thursday, July 25, 2024

Bitcoin has formed a convincing ‘double bottom,’ but sagging momentum may force a retest of $34,000.

BTC prices briefly touched $45,000 which prompted some analysts to speculate that this a reversal and prices will keep going up. Others have cautioned that the reverse is also possible and touching the $34,000 level is more likely. This surge to $45,000 happened on March 1st and BTC sellers controlled market momentum. In the wake of recent geopolitical events, exercising caution has been the right thing to do.

Per data and trend information released by Delphi Digital the lower support level should be watched closely because of a tumble. Investors are waiting to hear from the Federal Reserve which has been hawkish on interest rates and other issues. BTC prices have not been able to sustain upward momentum and plummeted because of Russia’s invasion of Ukraine. In the meantime, BTC prices currently hover around the $38,000 level and a drop is quite likely.

Glassnode, an analytics firm was more bullish and thinks that prices could go up in spite of a 50% plus correction since November 2021. Most of the buyers who bought in between August and November 2021 still have their investments. According to information available to Glassnode, investors who bought high at the $60,000 price are shedding their BTC investments at lower prices.

This trend is indicative of a market where holders are hanging on to their BTC investments, even at a loss. There are of course, some sellers who want to bail out when the markets are behaving erratically.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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