If bitcoin fails to retain $31,000, Michael van de Poppe predicts that $29,000 and then $24,000 will be on the menu.
On July 15, Bitcoin (BTC) fell to its “final support zone” over $31,000, prompting new projections of a Bitcoin price collapse.
Binance debacle spreads as $32,000 falls
BTC/USD hit new local lows of $31,550 on Thursday, according to data from Cointelegraph Markets Pro and TradingView.
The pair had made little headway overnight and had fallen even lower just as the Italian authorities confirmed that they denied permission to extensive exchange Binance to trade in their jurisdiction.
The news was the latest in a series of blows for the exchange. However, a spokesman informed the mainstream media that it had no impact on its operations.
Reports By Reuters
The spokesperson stated to Reuters:
“We take a collaborative approach in working with regulators, and we take our compliance obligations very seriously.”
As a result, spot traders remained gloomy. For well-known trader Michael van de Poppe, $31,000 was Bitcoin’s final chance to avoid another series plunge.
His earlier remarks:
“Bitcoin didn’t hold the $32.4K level as support and dipped lower, through which it’s facing the final support zone to hold (the $31-31.5K region). If this is lost, $29K and $24K are the next zones.”
Is this an emotional phenomenon?
An evident lack of interest among investors exacerbates the price dilemma with low volumes. Further implying that a lasting bullish rise is unlikely.
However, data from Glassnode, an on-chain monitoring resource, indicated, it might be a seasonal rather than an emotional phenomenon.
“Investors aren’t selling. They are simply on holiday,” co-founders Yann Allemann and Jan Happel argued, citing a substantial fall in exchange transaction fees.
Further data, as reported by Cointelegraph, reveals that investors who sold when BTC/USD hit $30,000 on the route to current all-time highs are now stockpiling.