Bitcoin erases 2021 profits as BTC price falls on Binance’s “biggest bid ever”

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Bitcoin (BTC), which broke below $ 30,000, cost almost all of its bull run gains in 2021 – but a historical silver lining is poised to save bulls.

Data from the Binance crypto exchange order book confirms that BTC / USD is almost immersed in the strongest support zone ever seen.

BTC price reaches “highest bid ever”

It was a tough 24 hours for Bitcoin hodlers, and the escape doesn’t seem over yet. After losing 6% overnight, BTC / USD hit lows of $ 29,300 – $ 300 below its value earlier in the year.

With that, Bitcoin is de facto back to where it began before the most intense period of its most recent bull run kicked in, despite reaching high highs of $ 64,500 just three months ago.

Those who fear that all is lost – at least in the short term – can be happy to see that the same level is currently the biggest Bitcoin bid of all time.

As announced on July 20th by the creator of Monitoring Resource Material Indicators, Material Scientist, BTC / USD is now supported by unprecedented demand.

“We have just reached the greatest offer of all time,” summarized Material Scientist.

“It would take some massive FUDs to break it. So I think an uptrend is more likely.”

However, the idea that Bitcoin will drop below the current level is anything but a fantasy for traders Predictions of $ 24,000 or even an “Armageddon Scenario” of $ 14,000 circulate on-line.

Additional order book data from Binance shows relatively little resistance between the spot price and $ 35,000, which could facilitate the development of a rebound.

BTC / USD buy and sell levels (Binance) as of July 20th. Source: Material Indicators / Twitter

At the time of writing, Bitcoin was circling around $ 29,700 as relative stability returned to the market.

“Parabolic” smaller Hodlerfest

In the meantime, the latest numbers on investor activity related to Bitcoin have produced some surprising results.

As statistician Willy Woo noted on July 20, it is now the smaller hodlers who amassing BTC, even as the largest whales separate from their populations.

Related: Rothschild Investment Corp has increased its Bitcoin exposure by 300% since April

“Little little fish get parabolic,” he said commented.

“This is the ratio of 0-10 BTC offerings to owners versus 100+ BTC (dolphins to humpback whales). PS. Little boys hold 32% of what the big ones hold, and that doesn’t even include their loot on the exchanges or ETFs. “

Bitcoin investor ratio chart. Source: Willy Woo / Twitter

This makes 2021 more comparable to 2013 than 2017 in terms of the years after the bull runs were halved. a common narrative over the past few weeks.