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Bitcoin Needs to be Consolidated at $35K Level, Analysts predict

by Miki 06/29/2021
by Miki 06/29/2021 0 comment

Bitcoin was up by 1.78% in the last 24 hours to hit 35,215 during intraday trading, according to CoinMarketCap.

Bitcoin (BTC) has been consolidating between the $30K and $40K range for more than two months, although it nosedived from an all-time high of $64.8K recorded in mid-April. Furthermore, the leading cryptocurrency recently dropped to lows of $28K as China’s crypto mining crackdown intensified. 

A crypto trader tweeting under the pseudonym VryptoX believes that a breakout in the BTC market is imminent. 

Image

These sentiments were echoed by another trader who noted:

“If Bitcoin doesn’t fall below 32K within the next 48 hours, We are probably to rise sharply to 39K and 42K Zone.”

Meanwhile, the deadlock stuck on the BTC network is believed to be caused by long and short-term holders, as recently disclosed by market analyst William Clemente III. He explained:

“In the last 30 days, long-term holders have added 579,940 BTC to their holdings while short-term holders have reduced their holdings by 521,983 BTC.”

Bitcoin needs to sustain the $33,000 area to grant support

According to crypto analyst Michael van de Poppe:

“The area around $35,000 is critical to break, as then the gates are open for $38,000 and possibly range high between $41,000 and 42,000. However, to sustain momentum, the area around $33,000 needs to grant support.”

Image

Therefore, whether Bitcoin will sustain momentum to trigger a breakout to the upside remains to be seen. 

Meanwhile, some crypto experts believe that Bitcoin mining might become more accessible and lucrative due to China’s restrictions recently.

They noted that BTC miners who remain active post-China’s crackdown are expecting to be more profitable, given that once more miners away from the Bitcoin network, fewer computational guesses per second are needed to find the mathematical solution.

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

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      12/27/2021

  • Blockchain
    • Blockchain

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