{"id":467137,"date":"2021-07-08T19:00:11","date_gmt":"2021-07-08T19:00:11","guid":{"rendered":"https:\/\/ktsl888.com\/?p=467137"},"modified":"2024-06-11T13:56:55","modified_gmt":"2024-06-11T13:56:55","slug":"analyst-bitcoin-macro-support","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/analyst-bitcoin-macro-support\/","title":{"rendered":"Analyst: Bitcoin Approaches \u201cCritical Intersection Of Macro Support\u201d"},"content":{"rendered":"<p>Bitcoin fast approaching towards a critical intersection of macro support, according to a crypto analyst.<\/p>\n<h2>Critical Intersection Of Macro Support<\/h2>\n<p>As pointed out by a Bitcoin analyst on <a href=\"https:\/\/twitter.com\/TheCryptoCactus\/status\/67908870\" rel=\"nofollow\">Twitter<\/a>, the cryptocurrency is coming closer to an intersection with a macro support curve.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-467138 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Chart-8.png?resize=460%2C229\" alt=\"\" width=\"460\" height=\"229\"><\/p>\n<pre style=\"text-align: center\">BTC macro support curve | Source: TheCryptoCactus<\/pre>\n<p>The above chart showcases how <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/100000-bitcoin-price\/\">Bitcoin<\/a> has been moving relative to the macro support curve.<\/p>\n<p>Now, there is another chart below that highlights the two important ranges of the BTC price.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-467142 size-medium\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Chart-9-e93.png?resize=460%2C229\" alt=\"Bitcoin ranges\" width=\"460\" height=\"229\"><\/p>\n<pre style=\"text-align: center\">Bitcoin's two price ranges of interest | Source: TheCryptoCactus<\/pre>\n<p>One notable feature in the graph is the wicks that BTC has been making into the lower band of Range 1.<\/p>\n<p>Range 2 is the the previous all time high (ATH) price of Bitcoin. Currently, its value is around $19,000. It may be the most important macro support line.<\/p>\n<p>If the price drops below the last ATH range, it could be a signal that the market has taken a bearish turn, and price will continue to go down.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-netflows-negative-bull-run\/\">Bitcoin Exchange Netflows Are Negative, Could A Bull Run Be Coming?<\/a><\/strong><\/em><\/p>\n<p>However, as the wicks show, buyers are still trying to accumulate and maintain the range. As long as investors keep absorbing the pressure, the range will not be lost.<\/p>\n<p>There are two scenarios that can happen with Bitcoin right now. The next chart will help showcase them.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-467145 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Chart-10.png?resize=460%2C229\" alt=\"Bitcoin scenarios\" width=\"460\" height=\"229\"><\/p>\n<pre style=\"text-align: center\">Where can the BTC market possibly head to next? | Source: TheCryptoCactus<\/pre>\n<p>The first scenario is that amidst all the FUD and crackdowns (like the <a href=\"https:\/\/ktsl888.com\/news\/binance-ceo-states-compliance-is-a-journey\/\">Binance<\/a> one), buyers keep at absorbing the pressure and maintaining this range. During which, the price gradually goes up to the next range.<\/p>\n<p>The other way out of this range is if Bitcoin drops below the $30k mark, and this price-point becomes a resistance line.<\/p>\n<p>The latter scenario will mean the price goes down a lot, and coming back from it will be tough. And as mentioned before, if BTC crosses the $19k last ATH support line, a bear market can possibly take hold.<\/p>\n<h2>Bitcoin Price<\/h2>\n<p>At the time of publishing, <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-drops-6-in-24-hours\/\">BTC is down almost 6%<\/a> in the past 24 hours with its price floating just below $33k. Over the last week, its value is down around 2%.<\/p>\n<p>Here is a chart noting the trend over the last 6 months:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-467149 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Chart-11.png?resize=460%2C242\" alt=\"Bitcoin Price\" width=\"460\" height=\"242\"><\/p>\n<pre style=\"text-align: center\">BTC gains slight downwards momentum | Source: BTCUSD on <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BTCUSD\" rel=\"nofollow\">TradingView<\/a><\/pre>\n<p>Bitcoin&#8217;s price seems to be going down once again as the cryptocurrency touched the $32k mark Thursday.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-fails-again-35k\/\">TA: Bitcoin Fails Again, Why BTC Remains At Risk of Sharp Decline<\/a><\/strong><\/em><\/p>\n<p>The market price will need to be maintained above $30k for a bullish trend. If the price drops further, and the $19k support is lost, the market could very well turn into a bearish one.<\/p>\n<pre>Featured image from Unsplash.com, charts from <a href=\"https:\/\/twitter.com\/TheCryptoCactus\" rel=\"nofollow\">TheCryptoCactus<\/a>, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin fast approaching towards a critical intersection of macro support, according to a crypto analyst. Critical Intersection Of Macro Support As pointed out by a Bitcoin analyst on Twitter, the cryptocurrency is coming closer to an intersection with a macro support curve. BTC macro support curve | Source: TheCryptoCactus The above chart showcases how Bitcoin has been moving relative to the macro support curve. Now, there is another chart below that highlights the two important ranges of the BTC price. Bitcoin&#8217;s two price ranges of interest | Source: TheCryptoCactus One notable feature in the graph is the wicks that BTC has been making into the lower band of Range 1. Range 2 is the the previous all time high (ATH) price of Bitcoin. Currently, its value is around $19,000. It may be the most important macro support line. If the price drops below the last ATH range, it could be a signal that the market has taken a bearish turn, and price will continue to go down. Related Reading | Bitcoin Exchange Netflows Are Negative, Could A Bull Run Be Coming? However, as the wicks show, buyers are still trying to accumulate and maintain the range. As long as investors keep absorbing the pressure, the range will not be lost. There are two scenarios that can happen with Bitcoin right now. The next chart will help showcase them. Where can the BTC market possibly head to next? | Source: TheCryptoCactus The first scenario is that amidst all the FUD and crackdowns (like the Binance one), buyers keep at absorbing the pressure and maintaining this range. During which, the price gradually goes up to the next range. The other way out of this range is if Bitcoin drops below the $30k mark, and this price-point becomes a resistance line. The latter scenario will mean the price goes down a lot, and coming back from it will be tough. And as mentioned before, if BTC crosses the $19k last ATH support line, a bear market can possibly take hold. Bitcoin Price At the time of publishing, BTC is down almost 6% in the past 24 hours with its price floating just below $33k. Over the last week, its value is down around 2%. Here is a chart noting the trend over the last 6 months: BTC gains slight downwards momentum | Source: BTCUSD on TradingView Bitcoin&#8217;s price seems to be going down once again as the cryptocurrency touched the $32k mark Thursday. Related Reading | TA: Bitcoin Fails Again, Why BTC Remains At Risk of Sharp Decline The market price will need to be maintained above $30k for a bullish trend. If the price drops further, and the $19k support is lost, the market could very well turn into a bearish one. Featured image from Unsplash.com, charts from TheCryptoCactus, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":467152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83846,679,1119,1144],"class_list":["post-467137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-macro","tag-bitcoin-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Analyst: Bitcoin Approaches \u201cCritical Intersection Of Macro Support\u201d<\/title>\n<meta name=\"description\" content=\"Bitcoin fast approaching towards a critical intersection of macro support, according to a crypto analyst. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst: Bitcoin Approaches \u201cCritical Intersection Of Macro Support\u201d","url":"http:\/\/ktsl888.com\/news\/analyst-bitcoin-macro-support\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/analyst-bitcoin-macro-support\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/pexels-alesia-kozik-6765371.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/pexels-alesia-kozik-6765371.jpg?fit=935%2C1403"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin macro","bitcoin price","btc","btcusd"],"dateCreated":"2021-07-08T19:00:11Z","datePublished":"2021-07-08T19:00:11Z","dateModified":"2024-06-11T13:56:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst: Bitcoin Approaches \\u201cCritical Intersection Of Macro Support\\u201d\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/analyst-bitcoin-macro-support\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/analyst-bitcoin-macro-support\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-alesia-kozik-6765371.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-alesia-kozik-6765371.jpg?fit=935%2C1403\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin macro\",\"bitcoin price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-07-08T19:00:11Z\",\"datePublished\":\"2021-07-08T19:00:11Z\",\"dateModified\":\"2024-06-11T13:56:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/pexels-alesia-kozik-6765371.jpg?fit=935%2C1403","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/467137"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=467137"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/467137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/467152"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=467137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=467137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=467137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}