Bitcoin price drops to “last support” as trader warns of $
Bitcoin (BTC) fell into the “final support zone” above $ 31,000 on July 15 as the lows sparked new predictions of a collapse in BTC price.
Binance’s collapse spreads when $ 32,000 falls
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD hit a new local low of $ 31,550 on Thursday.
The pair made little progress overnight and even fell further when Italian lawmakers said the major exchange, Binance, was not allowed to trade within its jurisdiction.
However, a spokesman told the mainstream media that his operations would not be affected by the announcement.
“We take a cooperative approach to working with supervisory authorities and take our compliance obligations very seriously,” the Reuters spokesman was quoted as saying.
Therefore, there is still little reason for optimism among the spot dealers. For popular trader Michaël van de Poppe, $ 31,000 is Bitcoin’s last hope of avoiding further decline.
“Bitcoin failed to hold $ 32.4,000 as support and fell lower, facing final support (zone 31-31.5,000 USD),” he summarized earlier in the day.
The price headache is compounded by a clear lack of investor interest, with low trading volume making sustained upside unlikely.
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As data from Glassnodede’s on-chain monitoring resource Disclosurehowever, it can be a seasonal rather than an emotional phenomenon.
The co-founders Yann Allemann and Jan Happel argue: “Investors don’t sell, they are just on vacation” and point to a significant reduction in stock market transaction fees.
As Cointelegraph reported, further data suggests that accumulation is ongoing even if investors were sold as BTC / USD hit $ 30,000 on its way to its current all-time high.