Bitcoin Wipes 2021 Gains As BTC Price Falls To ‘Biggest Bid Ever’ On Binance

Bitcoin (BTC) breaking through the $ 30,000 mark cost it almost all of its bull gains in 2021 – but a historic silver lining is poised to save the bulls.

Binance crypto exchange’s order book data confirms that BTC / USD has almost plunged into the strongest support zone on record.

BTC price hits ‘biggest bid ever’

It was a A tough 24 hours for Bitcoin hodlers, and the rout doesn’t seem over yet. After losing 6% overnight, BTC / USD hit a low of $ 29,300 – $ 300 below its open level at the start of the year.

With that, although it hit high highs of $ 64,500 just three months ago, Bitcoin is de facto back to where it started before the most intense phase of its last bull run began.

Those who fear that all will be lost – at least in the short term – may be happy to find that this same level is currently home to the biggest Bitcoin ‘supply’ ever.

As revealed on July 20 by “Material Scientist,” the creator of the Material Indicators monitoring resource, BTC / USD is now backed by unprecedented demand.

“We have just reached the largest auction ever,” summarized Material Scientist.

“It would take a huge FUD to break it. So I think a hike is more likely.”

The idea that Bitcoin goes below current levels is nevertheless far from being a fantasy for traders, with $ 24,000 predictions or even a $ 14,000 “Armageddon scenario” circulated online.

Additional data from Binance’s order book shows relatively low resistance between the spot price and $ 35,000, which could make it easier to design a rebound.

At the time of publication, Bitcoin has circled $ 29,700 as relative stability returned to the market.

Feast of small “parabolic” hodlers

Meanwhile, the latest figures covering investor activity around Bitcoin have produced surprising results.

As statistician Willy Woo noted on July 20, it is now the small hodlers who amass BTC, even as the largest whales divest their holdings.

Related: Rothschild Investment Corp Increased Bitcoin Exposure By 300% Since April

“Small fish become parabolic,” he said commented.

“This is the ratio of the offer held by holders of 0-10 BTC versus 100+ BTC (Humpback Whale Dolphins). PS. Small ones hold 32% of what the big ones hold, and that doesn’t include not even their loot on exchanges or ETFs. “

This makes 2021 look more like 2013 than 2017 in terms of years of running the bulls after the halving, a common story in recent weeks.