After Bitcoin (BTC) lost support on July 20, it failed to regain $ 30,000 as the fear and greed indices raced down. The “extreme fear” of Bitcoin’s breakdown below 30,000 US dollars is made clear by a mood crisis in both the crypto and traditional markets.
Bitcoin’s (BTC) rocky journey continued on July 19 when a widely predicted downward movement took place in the early hours of Monday and the price of BTC fell below $ 31,000. According to TradingView data, BTC / USD continued to trade in the $ 20,000-30,000 range on Tuesday.
The price move, which occurred a day after Bitcoin’s lowest weekly close since December 2020, highlighted the sensitivity of a low volume market and network fundamentals that are still recovering.
Largest existing cryptocurrency losses
The world’s largest cryptocurrency had a turbulent night of trading that quickly compounded existing losses to end the day with a negative return of -6 percent. The move coincided with a decline in traditional market sentiment.
On Tuesday, the Fear & Greed Index, which measures market sentiment using various criteria, plunged into the “extreme fear” zone and hit 17/100.
At the same time, the cryptocurrency equivalent, the Crypto Fear & Greed Index, tried to catch up and fell to 19/100, also known as “extreme fear”. Last month, the cryptocurrency Fear & Greed hit new lows of just 10/100, while its traditional counterpart’s score fell by half in a week. Traders were, as expected, cautious.
“BTC has lost the blue 50-week EMA and the weekly support (black) convincingly,” he said on Twitter, which accompanies the corresponding chart.
– Rekt Capital (@rektcapital) July 19, 2021
Rekt Capital, a fellow trading company and analyst, summed up the bleak picture in the spot markets on Monday, saying the downward move was more likely. BTC / USD eventually fell almost exactly within its target zone.
BTC price analysis
Bitcoin is in 1st placeNS Cryptocurrency. At the time of writing it is BTC The value is $ 29,494.97 with a change of 5.28. The trading volume of Coin in the last 24 hours is $ 24,123,252,908 along with a market capitalization of $ 554,432,273,485. Currently the circulating offer is 18,761,506.00 BTC.
Bulls hoping for a quick rebound should the market find fuel to reverse above the $ 30,000 mark will find a silver lining in the fact that resistance was thin below $ 35,000.
Meanwhile, the decline in Bitcoin caused immediate suffering for altcoins, often doubling the hourly losses of the largest cryptocurrency. An analysis of the most important buy and sell positions on the stock exchange
Meanwhile, Binance’s support level stayed between $ 27,000 and $ 29,000 despite the price drop. On Monday, the largest altcoin, Ether (ETH), lost its longer-term uptrend in 2021 and continued to trade below $ 1,800.
$ BTC Order book update
Timestamp: 2021-07-20 08: 02: 52.920540
Next update in ~ 2h
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– Material indicators (@MI_Algos) July 20, 2021
In an interview with CNBC, Grayscale CEO Michael Sonnenshein said that the regulatory discussion on Bitcoin exchange-traded funds is in the “final stages” and the company is keen to make GBTC one.