Bitcoin (BTC) is again under $ 40,000. This is what investors can do

After rising to $ 42,000 last weekend, bitcoin seems to be losing momentum once again. The world’s largest cryptocurrency is down 3% by release time! Bitcoin is trading at $ 38,591, with a market capitalisation of $ 724 billion.

Recent price volatility has disappointed investors, as Bitcoin has shown wild swings without confirming a particular trend. Options and Algo Trader Altcoin Psycho explains what investors need to do from now on.

Based on bitcoin’s technical charts, since bitcoin has made a breakout above $ 41,000 and has held out for a long time, we will move towards $ 49,000. On the other hand, if bitcoin falls below the $ 36,000 level, the next level of support will be at $ 29,000.

$ BTC

If we restore a range of 41k high, long and close to 49k, we lose 36k, short to 29K.

We have to wait for one of the triggers. pic.twitter.com/e1Dx9RR6Gp

– Altcoin Psycho (@AltcoinPsycho), August 2, 2021

From here, of course, it’s not that simple for bitcoin investors. Social and mass sentiment about Bitcoin is still declining slightly. Since crypto investors / traders are very active on Twitter’s social media channel, Bitcoin Sentiment remains somewhat negative, depending on bitcoin’s social volume and the proportion of positive and negative comments.

thanks to:
Key observations in the chain for Bitcoin (BTC)
The Sopr user Index (asopr) shows that after the May sale, most of the chain’s spending led to losses. The asopr value served as a resistance equal to 1. Last week, however, sopr hit a much higher level, making big gains on the bitcoin blockchain.

Best wishes: Glassnode
With asopr’s rise, Glassnode reported that”the Sunday has stopped making profits (the belief in retention continues) and is absorbing sales pressure.”

Joseph young, another popular analyst, explains that bitcoin (BTC) is currently trading at levels seen in February 2021. However, the open interest rate in the futures market is quite low

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top