New data clues as to why Bitcoin Price Action spent two months at $ 30,000
Bitcoin (BTC) experienced price volatility in the range for nearly two months after hitting $ 30,000 – and new data suggests why.
In one a bunch of tweets On July 15, popular Twitter commentator Nunya Bizniz made many arguments about the importance of $ 30,000 for BTC / USD.
All roads lead to $ 30,000?
Despite rising fundamentals and ongoing acceptance stories, BTC price action has failed to restore a bullish bias.
Bitcoin is still 50% below its recent all-time high and has no direction, leading to comments in favor of the bearish result of an eight-week sideways move.
For Nunyaz Bizniz, there are several technical factors that come together to support $ 30,000 in Focus.
These include the “roughly” US $ 30,000 Fibonacci expansion on the monthly chart from the US $ 3,100 low in late 2018 and the 2021 opening price.
Its psychological significance is reinforced by the fact that it is a round number, and as others have noted, it coincides with a longer-term trendline that puts $ 64,500 as a small number to hit the highest.
“About 1,618 Fib-Ext. What was tested as support in the last two cycles but never closed at the bottom of the monthly chart, ”is the accompanying commentary on the Fibonacci phenomenon.
Research defends “Bitcoin Super Cycle”
The importance of Bitcoin not dropping below the $ 30,000 mark and failing to recover adds to the current fear of a full BTC price drop.
Related: Bitcoin index shows ‘hell leap’ in motion and historically hints at the lowest point in BTC price
Amid the resentment expressed by some that it is just a desire to interpret events in order to move their own history up or down, this is what happens.
Bitcoin itself, meanwhile, is not as weak as the price suggests, as the fundamentals confirm.
“Regardless of your risk appetite, strategy is now the key not to miss the next wave in this current Bitcoin super spin,” concluded Stack Funds in its latest report released on Thursday.
Nunya Bizniz has now included Tesla’s BTC safe as a possible sticking point. According to users’ calculations, the company will dip below $ 30,000, which can lead executives to demand more sales to reduce losses.
As Cointelegraph reported, investors have returned to the accumulation phase of around $ 30,000.