(BTC) Bitcoin News TodayCryptocurrencyNewsPrice Analysis

Bitcoin Rallies But Still Trades Below $35,000

Bitcoin is has rallied up by about 4.5%, while Ethereum also rallied up by about 4%. All digital assets dropped below their crucial support levels yesterday, including the two biggest cryptocurrencies.

Cryptocurrencies drop prices yesterday. Source: Coinmarketcap

Gradual Recovery in The Market

Current information from Coinmarketcap indicates that the market is on a gradual recovery. BNB, ADA, and XRP have risen by about 4%, 7.1%, and 5.3%, respectively. As is the usual case, when bitcoin declines, altcoins follow suit, which happened yesterday as well when news of more clampdown on crypto exchanges and bitcoin miners came in from china.

Consequently, there was a significant decrease in the bitcoin hash rate due to these relentless actions by the Chinese government and the movement of crypto miners to Canada, Kazakhstan, and other crypto-favorable regions. 

However, some investors are utilizing the current dip to their advantage, with some even publicly revealing that they are doing so. Cathie wood’s ark investment management and famed author of the “Rich Dad, Poor Dad” series, Robert Kiyosaki, have disclosed via Twitter that they are buying bitcoin at its current price.

Similarities Between 2021 and 2013 Bitcoin Behavior?

Famous crypto trader Lark Davis has revealed via Twitter that he observed certain similarities between the current bitcoin behavior and 2013. Back in 2013, the leading cryptocurrency also declined massively after a period of rising, but it rose farther than its previous all-time high after the dip. So, Davis thinks history might repeat itself.

📰 Also read:  Harris Campaign Accused of Coordinated Efforts to Sway Public on X Platform

Lark Davis tweet. Source: Twitter

“Expect More Market Decline”

Elle Le Rest, co-partner at ExoAlpha, a digital asset management company, also affirmed that the recent market turmoil resulted from massive selloffs from Chinese crypto traders and investors in the last 30 days. Le Rest also said some inexperienced are panic selling after hearing that grayscale’s unlocking 16,500 bitcoins early next month.

“As newbie crypto traders and investors see a continued decline in their profits and capital because of the selling pressure, most of them have decided that they’ve seen enough and are ready to take a loss on their bitcoin investment.” Le Rest further said.

Le Rest also said these relentless pressures could cause the bitcoin price to range between the $26,000 and $34,000 range by next month, and as august is commonly known as a low bitcoin volume month, the volume can even be considerably lower this year august.

However, ExoAlpha’s chief investment officer, David Lifchitz, opined that the current rebound doesn’t mean the decline is over. “it is too early to conclude that this is “the” bottom or just a slight bounce before another decline starts. Cryptos often bounce back based on the support of an upside catalyst. Hello, Mr.Elon Musk…” Lifchitz concluded. Famous crypto trader and analyst with the Twitter handle, @crypto_ed_nl, concurs with Lifchitz revealing (via Twitter) that his Elliott Waves analysis shows that bitcoin price has one more leg down to the $25,000 range before any sustainable price rally.

📰 Also read:  Avalanche Foundation Agrees to Buy Back 1.97M AVAX Tokens Sold to Terraform Labs in 2022

Crypto_Ed_NL Tweet. Source: Twitter

If his predictions are correct, bitcoin would be trading at its lowest price since December last year.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Here's Why Uncovering Satoshi Nakamoto Could Trigger a Bitcoin Market Collapse

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content