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April 21, 2024
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Bitcoin Price Consolidating Around $30,000; Is $31,000 the New $69,000?

The post Bitcoin Price Consolidating Around $30,000; Is $31,000 the New $69,000? appeared first on Coinpedia Fintech News

With the resurgence of bears within the markets, the majority of the cryptos are shedding some of their gains. In the meantime, the tokens do possess the possibility of a bullish rebound as they appear to hold some strength but have been failing to utilize it, which often turns out to be a major rejection. The flagship crypto, Bitcoin, is also experiencing a similar situation.

The whales and the bulls are displaying confidence in the long term, but in the short term, the price continues to trade behind misty clouds. Bitcoin was set to grow in the month of July as the price was experiencing a short-term, normal, weak retrace, which was a sign of a healthy price movement. The longer the BTC price maintains its consolidation around $30,000, it may soon turn into stronger support in the later stages. 

But will the price utilize this support to trigger a fresh rise or test new lows after failing to hold these levels?

One of the major reasons, why the BTC price is hanging around $30,000 could be that user activity on the platform has remained low. The active address count has seen a notable drop since the beginning of the month, while supply on exchanges has been rising consistently. 

Source: Messari.io

Therefore, until the price continues to trade around $30,000, market participants may remain blind to the upcoming price action. This may keep the supply on the exchange elevated, flashing bearish signals for the crypto. Market participants tend to store their assets on the exchange with the intention of selling or swapping their holdings. This is when the supply on the exchange exceeds.

The sideway trend may rise a major concern among the market participants, but the price is believed to maintain a similar trend for some more time ahead. Till then, the levels at $31,000i may appear as $69,000. 

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