InstaForex

July 20, 2021

‘Traders’ Must Beware! Where is BTC headed?

 Concerns Covid-19 has had an impact on market psychology today, the European Market has recorded a 2.4% fall and the same is true of the United States (U.S.) stock market. The 10 -year Treasury yield has fallen to 1.22%, a level of growth that is not in line with strong economic growth and soaring inflation.


At the same time, commodity prices fell sharply, including crude oil which dropped below $ 70 a barrel for the first time in a month.



As for the bitcoin market, we have seen that the Bitcoin price has twice tried to break the support level of $ 31,321.98 over the past few days. But today the BTC price has broken the support price level and is now trading at the $ 30,760 price level.


The BTC price has even dropped to a lower level at $ 30.5K. This reinforces the view that BTC is currently in a ‘downtrend’ phase. The migration of miners from China to other places has so far not returned the ‘hash rate’ of BTC as enjoyed in April.


After this the next support price level is $ 30,259.77. If the support price level is successfully broken then the next target is $ 28,695.13. Market players should take more precautionary measures in making trades in the midst of volatile markets.