Bitcoin has again failed to overcome the critical $35,000 level: The bulls were brusquely rejected, currently BTC is even trading below 33,000 dollars. What's next for BTC now, what do analysts say?
Are further price losses looming?
Bitcoin seems to have lost its uptrend towards $40,000: In recent weeks, BTC has been trading within the range between $30k and $37k, and now the bitcoin price is testing support at $33,000, dragging the entire market down. Almost $2,000 has been lost by Bitcoin in the last few hours. Signs of a breakout? Not present.
The first critical support area for the number 1 cryptocurrency is around $33,000. If Bitcoin cannot hold above $33,000 for a sustained period, a sharp decline looms - the next support zone that needs to hold then is around $32,000.
How low Bitcoin could fall if it slips through these two areas is what trading legend Peter Brandt currently wants to know from his more than 540,000 Twitter followers. Brandt asks:
"If $BTC crashes through $30,000, how low will it fall.
1. won't break through $30,000
4. well below $20,000"
The result of the poll: out of a current (time of this writing) 22,885 participants, the majority (31%) say BTC will not go below $30,000. However, the second largest majority (25.4%) assume the worst case: They believe Bitcoin is at risk of crashing below $20,000. 24.5%, on the other hand, believe it is likely that Bitcoin will trade between $20,000 and $25,000 if it slips below $30k. And the smallest group, 19.2%, believes the No. 1 cryptocurrency will then trade between $25,000 and $30,000.
Bitcoin Polling question
When $BTC crashes through $30,000, how low will it go?
1. won't break $30,000
4. well below $20,000
- Peter Brandt (@PeterLBrandt) July 8, 2021
$32,700 as critical level
In his current analysis, the popular trader CryptoTony_ also provides the exact critical level that Bitcoin must hold in order to avoid further declines. According to his assessment, BTC is safe as long as it can hold above 32,700 dollars. In that case, the industry observer assumes that Bitcoin will manage to break free from its trading range within the next 14 days and climb back above 40,000 dollars.
As long as we are above $32,700 then this is what i am looking to play out. I will be waiting for more of the proposed triangle to play out before i look for an entry
For one of the most renowned crypto analysts, @crypto_birb, the markets could currently represent a good buying opportunity. He expects a rally to the upside and comments in a recent analysis:
"The market is considered dead by retail investors. No moves, no interest to trade, no ideas or scenarios from retail investors other than death, end, capitulation vibes. Historically, extreme fear in the market has always been a much better opportunity to buy than to sell."