Bitcoin drops below the “critical” level to avoid a return to CZK 31,000

Bitcoin (BTC) fell to a support that could identify a retest of $ 30,000 on July 13 as the bulls failed to make new gains.

Bitcoin falls below
BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin Bulls see $ 33,000 slip

Data from Cointelegraph Markets Pro and TradingView showed another lackluster performance for BTC / USD on Tuesday, with local lows of $ 32,240 on Bitstamp.

The spike above $ 33,000, which is seen as a stepping stone for support to a continuation of the bull market, looks pretty shaky this week. There was a brief decline on Monday, with the rebound barely lasting for 18 hours.

At the time of writing, $ 32,500 was in the spotlight, with Bitcoin bouncing below what a trader believes it needs to hold to prevent a retreat near $ 31,000.

Micha trọngl van de Poppe stated in an update earlier on Tuesday: “The main support I have here is the area around $ 32,600 to $ 32,900 that you want to hold as support to avoid another test of the lows.

As this area is currently absent, a bearish mood should prevail in the lower timeframes.

Fellow trader Crypto Ed even tweeted charts comparing current price action with the accumulation from Bitcoin’s bear market speculation in December 2018, when it fell to just $ 3,100.

However, fundamentals continue to stabilize after hitting their own local low. The hash rate is over 91 exahashes per second of the day, while ongoing difficulties prevent a new record drop in correction this weekend.

Potential US Bitcoin ETF Bank supports E

Elsewhere, news that BNY Mellon banking would take over for a potential Bitcoin Exchange Traded Fund (ETF) from Grayscale didn’t lift the mood.

Related: Strong Bitcoin Accumulation Discovered When BTC Price Refuses To Go Below $ 30,000

A US ETF has yet to be regulated, 1 of which is currently under scrutiny.

But even when it hits the market, opinions are mixed about the impact an ETF has on Bitcoin when it works in such a large market.

However, given the impact of the US ETF’s launch on gold in 2005, popular Twitter commenter Lark Davis suggested that the direction would be clear.

“It basically started a seven-year bull run,” he said Summary.

The release of the upcoming July consumer price index report on Tuesday, which focuses on inflation, has given stocks a boost, unlike the crypto market. Gold rose at the same time, XAU / USD rose 0.7% to $ 1,813.

Bitcoin falls below
1-hour line chart BTC / USD (blue) vs XAU / USD (orange). Source: TradingView



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