BTC continues to be within the $30,000 to $31,000 range. It seems that large investors are still optimistic and continue to accumulate. The long-term trend of the price of bitcoin (BTC) remains bullish, although a new drop cannot be ruled out. A short-term sale could be interesting.
The accumulation of large investors continues
BTC price is hovering around $30,000 after an explosive 25% rise. This slowdown is mainly due to profit taking and the difficulties faced by the major exchanges.
Despite this, bitcoin (BTC) whales and sharks continue to expand their wallets. In fact, these big investors have accumulated an additional 71,000 BTC since June 17, according to data from Sentiment. These massive purchases, worth $2.15 billion, are expected to push up the price of this cryptocurrency. It also shows that those investors have a lot of confidence despite slowing down.
Moreover, the price structure of bitcoin (BTC) remains bullish on a daily scale. As long as the price continues to create higher and higher highs and lows, the trend is still bullish. However, bitcoin may see further decline below $29,624 before resuming.
Small decline in Bitcoin (BTC) before bullish recovery?
Some investors are predicting an explosive July for BTC, which is entirely plausible given the whale accumulation and the growing interest of financial institutions in Bitcoin ETFs. However, before that, a small correction in bitcoin (BTC) could take place.
Indeed, a breakout of the low at $30,189 suggests a continuation of the short-term decline. If this hypothesis is confirmed, BTC could fall below the double bottom at $29,626. Then, a bullish recovery could be considered once the price breaks through this level. In this case, it might be worth selling for $30,662 in the short term. In a very bad case, the target for this short bitcoin (BTC) position is the support at $28,331.
Goal 1: $29,626;
Goal 2: $28,331.
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I am passionate about cryptocurrencies, a world I discovered barely 3 years ago. My only goal is to inform you about this incredible universe through my articles.
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.