{"id":570723,"date":"2024-01-22T20:30:33","date_gmt":"2024-01-22T20:30:33","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=570723"},"modified":"2024-06-11T08:46:05","modified_gmt":"2024-06-11T08:46:05","slug":"bitcoin-price-mad-heavy-why-a-detour-to-30000-might-be-imminent","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-price-mad-heavy-why-a-detour-to-30000-might-be-imminent\/","title":{"rendered":"Bitcoin Price \u201cMad Heavy,\u201d Why A Detour To $30,000 Might Be Imminent"},"content":{"rendered":"

The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels. The downside price action was triggered by a spike in selling pressure following the approval of Bitcoin spot Exchange Traded Funds (ETFs) in the US. <\/strong><\/p>\n

Related Reading: Bitcoin Whale Carries Out Massive Sell-Off As BTC Price Suppression Continues<\/a><\/div>\n

As of this writing, the Bitcoin price trades at $40,900 with a 2% loss in the past 24 hours. Over the last week, these losses doubled, with other assets in the crypto top 10 by market underperforming, except for Dogecoin (DOGE), which still records a 4% profit in the same period.<\/p>\n

\"bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Price Loses Steam, How Low Can BTC Go?<\/h2>\n

Via the social media platform X, the founder and former CEO of crypto exchange BitMEX, Arthur Hayes, shared a forecast for the Bitcoin price. According to Hayes, BTC seems poised to lose its current levels.<\/p>\n

The crypto founder and trader claims<\/a> that the low timeframe price action will likely push Bitcoin below $40,000 and potentially below $35,000 if bulls fail to defend the higher area around these levels.<\/p>\n

The main issue regarding the current market structure rests upon the liquidity in the Bitcoin market. As seen in the chart below and as pointed out by Hayes, the liquidity in the BTC market has been trending to the downside since the Bitcoin spot ETF was approved.<\/p>\n

As a result, and due to the constant selling pressure from the Grayscale Bitcoin Trust (GBTC),<\/a> the market has been trending to the downside and could maintain this course until the next major macroeconomic event.<\/p>\n

On the above, the BitMEX founder stated<\/a>:<\/p>\n

Why has $SPX and $BTC stopped moving up together post US BTC ETF launch? Both are love more $ liq, which one is right about the future? $BTC is telling us that there are hiccups ahead for $ liq, next signpost is 31st Jan US Treasury refunding annc (announcement).<\/p><\/blockquote>\n

\"bitcoin
The BTC market sees a decline in liquidity, impacting the price action. Source: Arthur Hayes on X<\/figcaption><\/figure>\n

If Bitcoin Goes South, What Levels Could Hold The Line?<\/h2>\n

A pseudonym crypto analyst showed<\/a> a cluster of buying orders stacked from the $38,819 to the $40,000 levels in a separate report. In other words, these levels should present opposition and seem like BTC\u2019s biggest opportunity to bounce back, at least on low timeframes.<\/p>\n

Related Reading: Bitcoin Price Turns Red, Why BTC Could Tumble Below $40K<\/a><\/div>\n

In that sense, the analyst stated the following, anticipating a possible short-term recovery, and showing the image below:<\/p>\n

Some big zones starting to build up around 41K & 42K. Pretty certain we’ll at least take out that top part somewhere next week. Will see if price sustains after that.<\/p><\/blockquote>\n

\"Bitcoin
BTC chart shows a stack of bid liquidity around $38,800 to $40,000. Source: DaanCrypto on X<\/figcaption><\/figure>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels. The downside price action was triggered by a spike in selling pressure following the approval of Bitcoin spot Exchange Traded Funds (ETFs) in the US. Related Reading: Bitcoin Whale Carries Out Massive Sell-Off As BTC Price Suppression Continues As of this writing, the Bitcoin price trades at $40,900 with a 2% loss in the past 24 hours. Over the last week, these losses doubled, with other assets in the crypto top 10 by market underperforming, except for Dogecoin (DOGE), which still records a 4% profit in the same period. Bitcoin Price Loses Steam, How Low Can BTC Go? Via the social media platform X, the founder and former CEO of crypto exchange BitMEX, Arthur Hayes, shared a forecast for the Bitcoin price. According to Hayes, BTC seems poised to lose its current levels. The crypto founder and trader claims that the low timeframe price action will likely push Bitcoin below $40,000 and potentially below $35,000 if bulls fail to defend the higher area around these levels. The main issue regarding the current market structure rests upon the liquidity in the Bitcoin market. As seen in the chart below and as pointed out by Hayes, the liquidity in the BTC market has been trending to the downside since the Bitcoin spot ETF was approved. As a result, and due to the constant selling pressure from the Grayscale Bitcoin Trust (GBTC), the market has been trending to the downside and could maintain this course until the next major macroeconomic event. On the above, the BitMEX founder stated: Why has $SPX and $BTC stopped moving up together post US BTC ETF launch? Both are love more $ liq, which one is right about the future? $BTC is telling us that there are hiccups ahead for $ liq, next signpost is 31st Jan US Treasury refunding annc (announcement). If Bitcoin Goes South, What Levels Could Hold The Line? A pseudonym crypto analyst showed a cluster of buying orders stacked from the $38,819 to the $40,000 levels in a separate report. In other words, these levels should present opposition and seem like BTC\u2019s biggest opportunity to bounce back, at least on low timeframes. Related Reading: Bitcoin Price Turns Red, Why BTC Could Tumble Below $40K In that sense, the analyst stated the following, anticipating a possible short-term recovery, and showing the image below: Some big zones starting to build up around 41K & 42K. Pretty certain we’ll at least take out that top part somewhere next week. Will see if price sustains after that. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":570724,"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":[230,428,679,682,1119,1122,16168,78790],"class_list":["post-570723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arthur-hayes","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-chart","tag-btc","tag-btc-price","tag-btc-price-forecast","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price \u201cMad Heavy,\u201d Why A Detour To $30,000 Might Be Imminent<\/title>\n<meta name=\"description\" content=\"The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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