While Bitcoin (BTC) regressed to the $ 29,000 band with the last drop, it was a matter of curiosity at what level the return would be.
About 1 month horizontal in the plane consolidated Bitcoin, Support at $29,500 by breaking up to $29,000 declined. Bitcoin is in the support zone with this drop. accumulating The fact that support was lost while liquidities cleared scared investors. Bitcoin has reached this support level. for 1 month was able to protect it.
According to data provided by Coinglass $1,000 in total during the fall $121 million liquidity, this liquidation 111 million dollars long (long) occurred in directional positions. short The share of directional positions in liquidation is approximately 10 million dollars it happened.
Where is the next Bitcoin support?
FxPro senior market analyst Alex Kuptsikevich He told CoinDesk that if the decline deepens, the next support will be. $27,000 stated that:
If the bearish pressure intensifies, the next important level of support will be $27,000, the lower border of the ascending channel from November lows and the 200-week moving average.
On the other hand, financial services provider on eToro senior market analyst Simons Peters was included in the commentary with a similar approach. In the details of Peters statement low liquidity in summer highlighted the following:
Bitcoin is currently experiencing a slow pullback as the price continues its downtrend from recent highs. While market dynamics tended to fluctuate with lower transaction flows during the summer months, the last period has been fairly quiet for the best cryptoassets in the market.
According to CoinGecko data, in the last 24 hours 2.4% decline living Bitcoin, at the time of writing from $29,178 finds buyers.
