What happened to bitcoin? Here's why it can rise again

EDITORIAL CRIPTOVALUTA.IT – Another very complicated week for Bitcoin, which is channeled between $31,000 and $32,500, to travel with very rapid movements, but still within this range

.

All this in a week in which there have been several positive news, but with the markets that are practically already on vacation and that have left the table almost entirely in the hands of short-term traders. Traders that from lateral movements, as we have already said in other insights, have only to gain.

Even Tyson in Bitcoin? Meanwhile comes Bank of America …

Who wants to enter at this time on the market, with some signs of possible recovery, can do so on eToro (here to get a free demo account and unlimited time), brokerage that offers CopyTrading to copy the best – or to take inspiration from their positions – and also offers CopyPortofolios on Bitcoin that also include shares of corporations

that have invested in the coin or that operate in mining.

The markets are also signaling the return of so-called retail investors, those private investors with not huge amounts of capital who buy Bitcoin for the purpose of holding it in their portfolios for the long term. A very good sign, for a market that is still very difficult to read.

The small have not stopped buying

And this is the strongest sign

See also  Bumpy start for new Cardano developer portal

for

Bitcoin

and for the possibility of a bullish market. By small we mean those wallets that have less than 1 BTC in their portfolio. A situation that has been, at least in our opinion, correctly analyzed by Willy Woo.

Chart: net flows of small Bitcoin holders (less than 1 BTC). It’s retail that drives the bull market. When they stop buying, it’s a bear market signal. They haven’t stopped buying. In the last 30 days: whales sold 4,000 BTC, retail bought 31,000 BTC.

</

blockquote>

This is the first of the very good signals we can get from blockchain analysis – which we are unlikely to find reported by the albeit various reports that so many investment funds, perhaps interested in a further price drop, publish

.

  • The amount of BTC held by Purpose ETFs is also growing

Which is one of the most important ETFs in the world that replicate the price of Bitcoin. In this case we are looking at a physical replica and therefore a fund that actually buys coins in the market.

Purpose makes purchases, taking advantage of low prices

The graphic that we report seems to be quite clear. We are in front of an almost constant growth, accelerated also by the lowering of the price of BTC, that in the diagram is brought back in black. Even during the capitulation, the fund has continued to accumulate Bitcoin. Not bad for an asset that the usual Cassandras call dead.

See also  Santiment | Altcoins and tokens over bitcoin

Mike Tyson also arrives on Bitcoin?

Curious also the exchange that took place during the night, Italian time, between Mike Tyson and Michael Saylor, the leader of MicroStrategy

that owns almost 3 billion in BTC.

– Mike Tyson

Which do you prefer, BTC or ETH?

With Michael Saylor’s response that could only point to Bitcoin. And if Mike Tyson, one of the greatest boxers of all time, were to become a Bitcoiner too, the publicity effect would be a major one. But in addition to this effect, there is the fact that so many characters, still wealthy, are still considering entering the market. This would turn all those who already own BTC into early adopters.

Meanwhile, banks that once opposed Bitcoin

Like Bank of America, which recently started futures for a portion of its customers. Something unexpected, from one of the groups that have most opposed Bitcoin in the past.

to Bitcoin.

Meanwhile, Greyscale is also preparing to turn its fund into an ETF, which will open up more customers, because when and if it gets approved, even very small investors will be able to buy shares of the fund.

The channel for the next few hours

The key support for the next few hours of Bitcoin will be the $30,000 level, while $32,500 will be the resistance for the next few days of trading. Exceeding these two levels, one way or the other, we could see more sharp movements, towards $28,000 and towards $34,000. With the macro channel still remaining the one set within our Bitcoin forecasts, which is between $30,000 and $40,000.

See also  New Chainalysis report lists Argentina and Brazil among the top 20 countries with highest DeFi adoption

All this within a summer market that remains rather sluggish and with books so light as to allow rapid price movements even within a few hours. A situation that will be carefully monitored, at least by those who want to invest in the short term.

To buy now for the long period: a short deepening

Different discourse obviously for who wants to operate on the medium and long period. If we were to follow what the major funds and even the so-called whales are doing, this would seem to be a great time to buy.

With Bitcoin appearing to be at a steep discount – and making it much cheaper today to become the owner of even a substantial share of satoshi. An ideal scenario for those who are looking at the long term and can buy while being unconcerned about short-term movements, which could continue (even unpredictably) in the coming months.