Lately, we have been hearing not-so-good news from Bitcoin as its trajectory is still downwards and hasn’t improved up to the mark. Michael van de Poppe is a full-time crypto trader based in Amsterdam. He stated that if Bitcoin is unable to retain its value at $31,000 that means it can further drop down to $29000. Or can go even as low as $24000.
On July 15 (today) Bitcoin came up with fresh price crash predictions by dropping down to its final support zone by descending to $31,000.
BTC/USD saw new lows of $31500 as per the fresh data from Marketspro, Cointelegraph, and Tradingview on Thursday (Jul 15). There was little overnight progress though. However, it fell further as Italian lawmakers stated Binance (a major crypto exchange) was unauthorized to operate in their jurisdiction. This was one of the latest impediments for Binance, but the Binance operations were unaffected by this announcement anyway. It was told by a spokesperson to the media. The spokesperson stated:
“We work with collaboration while working with the regulators and take our compliance obligations very seriously.”
Why such a fall after so many gains? The Bitcoin decline started when China announced that they were going to ban payment firms and banks from using cryptocurrencies. However, the general perception is that the real showdown started when Tesla’s CEO Elon Musk, tweeted that they’re not going accept payments in Bitcoin.
In the eyes of a popular trader like Michaël van de Poppe, $31000 is the last hope of evading a further deep dive.
If you remember Bitcoin made substantial gains at the beginning of this year (2021). Whereas April was the highest home run for BTC reaching $64,000 per unit. That means it gained 450% of raise in just a matter of 6 months.
The price has been intensified by an evident lack of interest among the investors. That means with low volumes of investments in BTC an upward trajectory is dubious.
Data from Glassnode unveiled this current situation. It could also be a seasonal aspect rather emotional. Glassnode is a credible on-chain monitoring and market intelligence source.
Glassnode cofounders Jan Happel and Yann Allemann claimed that “investors are simply on holidays and they’re not selling.”
They argued by highlighting decreased exchange transaction fees.