Bitcoin (BTC) is down 1.48% in the past 24 hours aAfter you hit the $ 36K level, with a price of $ 34,615 during intraday trading, according to CoinMarketCap.
BTC has been consolidating between the $ 30,000 and $ 40,000 range for more than two months, despite tumbling from an all-time high of $ 64.8,000 recorded in mid-April. In addition, the leading cryptocurrency recently fell to a low of $ 28,000 as China’s crackdown on crypto mining intensified.
Market analyst Michael van de Poppe believes the renewed upward momentum in the BTC market will continue when the area between $ 32.2 and $ 33,000 is strong enough to support it. He explained:
“I find the $ 32.2 to $ 33,000 level extremely important to maintain as a support. That would create a higher low and higher strength in the direction of further upward momentum. “
Higher highs and higher lows are usually made in an uptrend, while lower highs and lower lows are made in a downtrend.
Michael van de Poppe had previously stated that if this range holds, the next level to be achieved will be $ 38,000.
His views were recently repeated by another trader who stated:
“If Bitcoin doesn’t go below 32K within the next 48 hours, we will likely rise sharply to 39K and the 42K zone.”
Strong hands have reduced the selling pressure from weak hands
according to to on-chain analyst William Clemente III:
“Imo this chart is the easiest way to visualize what has happened under the hood over the past month. Strong hands have increasingly gained due to the recent price decline and are now compensating for sales from weak hands. Now we wait until the accumulation is complete – seller exhaustion. “
Strong hands are investors who hold Bitcoin for the long term, while weak hands hold it for the short term.
Clemente III had previously indicated that the stagnation stuck on the BTC network was caused by long and short term owners. He acknowledged that long-term owners bought an additional 579,940 BTC in the past month, while their short-term counterparts had sold 521,983 BTC over the same period.
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