BITCOIN REMAINS STUCK, HOLDS $30,000
BITCOIN price remains flat, and trading volume also remains low as price gets stuck between $30,000 and $40,000. There was low volatility in BTC/USD exchange last week as the price inches towards $35,000.
$30,000 remains good support as it has rejected price more than four times since it was tested in May. That has made $30,000 a psychological support level, which, if broken to the downside, risks crashing the Bitcoin prices to as low as $20,000.
Hodling Bitcoin is now a waiting game for investors as price readjusts itself for a fresh bullish move.
Joel Kruger, a Forex strategist at London-based investment management group LMAX, noted that BITCOIN could revisit $20,000, for it remains under the pressure of global market sentiment.
“It would be foolish to rule out the possibility for a drop back below the June low, and we think there would be a risk in that scenario where the Bitcoin price could revisit the old record high area around $20,000,” he said.
“But at that stage, we see the market very well supported.” He added.
As explained by Joel, there is a chance that BITCOIN could revisit its former high around $19,000 - $20,000. Its highest price before the massive bullish run that created the $65,000 all-time high.
In addition, BITCOIN buyers might be expecting lower prices before the bullish run the whole world is waiting for resumes. It's not far from the truth that BITCOIN has come to stay, and investors are looking for the best way to generate profit from it.