Bitcoin exchange rate displays investors off balance
Judging by the failure of bitcoin below $10’000, the nerves of many investors still can not stand. At the moment, one coin BTC sold for $9’900: thus, we see that the promised correction of 30% with a local maximum about $14’000. So why it causes such a shock wave of panic, if you about it for so long already?
Apparently, when the exchange rate of bitcoin over and over again swept new psychologically important resistance levels and round the mark, investors are increasingly convinced that we are now in the midst of a super-rally, in which the next stop will only be $20’000. However, virtually all of it happened anyway, and resistance at $14’000 turned out to be too tough for the buyers.
Bulls and bears are now actively face, as some believe that what is happening is the stop before takeoff value of bitcoin to new highs. edodi assured that the same has already peaked, and in the future we will see new lows. Trader Alessio Rastani based on the Elliott wave theory, believes that bitcoin can and does can confidently turn to the South, and even to break $3’000. Well, that would be great news for the whales already sold their assets for $14’000.
In the largest 100 BTC wallets as of 30 Jun recorded increased activity on the movement of funds. On the crypto currency exchange Bitfinex 30 Jun opened short at 20’000 BTC that is supposedly to be considered the starting point of a major correction of the market. It should be noted that the bears in their forecasts also refer to the origin of the current rally. It is believed that it has institutional roots, while the last time the closing of positions by large capital provoked “cryptobia”.
Various predictions begin to dominate the market depending on the current direction of price dynamics. However, it should be noted that bitcoin might still be a space for growth, as retail interest in the market has been actively built up only last month. Given the General economic and geopolitical instability in the world, the lack of high-yielding assets in the traditional market as well as the dovish rhetoric of the Central banks, the cryptocurrency market else can get their momentum while consolidating and defending about $10’000 – $11’000 would be a great scenario for the market. Confident penetration inability to get back above $10’000 may result in an even greater sale.
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