The Crypto Community Gets Worried! Where is BTC headed? - Kakiforex.com - Financial Market Media No. 1 in the World The Crypto Community Gets Worried! Where is BTC headed? The Crypto Community Gets Worried! Where is BTC headed?
InstaForex

July 14, 2021

The Crypto Community Gets Worried! Where is BTC headed?

 The crypto market continued to fall with the value of the crypto market declining 4.10% and falling below $ 1.4 trillion again. At the time of writing the price of Bitcoin (BTC) has fallen 2.52% in 24 hours to a price level of $ 32,575.77 per Bitcoin with a market capitalization of $ 620 billion.


At the same time Ethereum made a further price correction with a loss of 7.79% and falling below the $ 2,000 level. At the time of writing Ethreum is trading at the $ 1,974.89 price level.


Recently Rich Ross, technical strategist at Evercore ISI said that the chart shows that the BTC is getting weaker and there is no strong support either from ‘volume’ or sentiment. It should be noted that the first resistance is at $ 36,000 and the first support is $ 33,000 followed by $ 30,000 as the next. If Bitcoin breaks the $ 30,000 support level, we could see it heading to the $ 22,000 price level or even lower.


On the other hand, Ross thinks Ether looks more convincing if the price level is above $ 2,400. Although ETH struggled to get past the $ 2400 level last week, it faced strong rejection, based on the weekly chart the price of ETH has dropped around 15%.



Most investors are still puzzled about the next direction of the BTC price. Bloomberg noted that there is a possibility that the BTC price will rise for a while based on the bollinger band indications.


Along with the S&P 500, Bitcoin's 6 -day correlation with the Spot Gold price has turned negative. Bloomberg notes that this could be a positive sign because lower correlations make assets more desirable for a variety of purposes.


As for Ethereum, it is trading above the 200 -day moving average but the 50 DMA chart shows that the $ 2,300 level could serve as a strong resistance.


For example, crypto is still trading downtrend although there are indications there will be a surge.