Bitcoin erases 2021 profits as BTC price drops to the “biggest bid ever” on Binance
Bitcoin (BTC), which has dropped below the $ 30,000 mark, has caused it to lose almost all of its profits in 2021 – but a historical silver lining is poised to save the cops.
Data from the order book of the Binance crypto exchange confirms that BTC / USD has almost fallen to its strongest support area ever.
BTC price reaches “greatest bid of all time”
It’s been a tough 24 hours for Bitcoin sellers and the journey doesn’t seem over yet. After losing 6% overnight, BTC / USD hit as low as $ 29,300 – $ 300 below its opening price at the beginning of the year.
Although Bitcoin peaked at $ 64,500 just three months ago, Bitcoin is actually back to where it started before the most intense period of the most recent bull run began.
Those who fear that all is lost – at least in the short term – will be pleased to find that this very level currently holds the largest Bitcoin “bid” ever seen.
As announced on July 20th by Material Scientist, the creator of monitoring physical resource indices, BTC / USD is currently being backed by unprecedented demand.
“We have just received our largest offer to date,” summarizes Material Scientist.
“It’s going to take some big FUD to break it. So I think the upward trend will likely be higher. “
However, the notion that Bitcoin will drop below current levels is unthinkable for traders as an “Armageddon scenario” of $ 24,000 or even $ 14,000 is forecast. cyclical On-line.
Additional order book data from Binance shows relatively little resistance between the spot price and $ 35,000, which could facilitate the recovery.
At the time of writing, Bitcoin was hovering around $ 29,700 as relative stability returned to the market.
Party for smaller dogs “parabolic”
In the meantime, the latest metrics on investor activity around Bitcoin have produced some surprising results.
As statistician Willy Woo noted on July 20, smaller farmers are now accumulating BTC even when the largest whales sell their stocks.
Related: Rothschild Investment Corp has increased Bitcoin exposure by 300% since April
“Wees little fish follow a parabolic trajectory,” he said commented.
“This is the ratio of the offer from 0-10 BTC to 100+ BTC (dolphin to humpback whale). Postscript. The little ones hold 32% of what the big ones own, and that doesn’t even include their loot in exchanges or ETFs. “
This makes 2021 look more like 2013 than 2017 in terms of halving the years, a common story in recent weeks.