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The price of bitcoin fell by nearly 34% from the record high of $ 13,851 on June 26, but it has still increased by almost 158% since the beginning of the year. Among the 3 best parts: ETH and XRP, the performances of Bitcoin are incomparable. ETH has only risen 58.56% since the beginning of the year, while Ripple's XRP has lost 12.93%. It is widely recognized that crypto-winter is over. But there is also another factor to take into account. This time, the strength of the bull is largely for Bitcoin. This is mainly due to the fact that investors play security. They do not want to be burned as before, while half of the space was covered with false projects. Until now, ETH pays the price.
Photo credit: Getty
Getty
So the question is how Bitcoin will evolve, given that the price has dropped by more than a third compared to its recent high.
In traditional markets, when the price falls 10% from its previous high, it usually means a correction and a 20% fall indicates that we are in a bear market. But this principle can not be applied in the cryptography markets, where gains of 158% can be achieved in six months.
To badyze this and to know if the speculators have lost control of the price, we can use the golden principle: observe the current price movement and compare it to the main moving averages. However, before doing this, it is also important to monitor the over-the-counter market and see what kind of order there is and especially who the buyers are.
During the peak, when the bitcoin price reached $ 20,000, the premium for the bitcoin price in the OTC market in Dubai rose to almost 20% of the spot price. Keep it to the same extent, the premium for the Bitcoin price on the OTC market in Dubai is currently between 10 and 15% . These unofficial OTC dealers say the reason for the premium is high for two reasons. First, there is a lot of optimism that something is about to come out of China in terms of bitcoin regulation. That's why Chinese buyers are happy to pay the premium. Second, there are sanctions imposed by the United States on various countries. This has brought more buyers to the market. The bullying behavior clearly does not work.
In fact, it is the US-sanctioned governments, such as Russia, Iran, North Korea and many others, that need attention. US-sanctioned countries can easily consolidate and exploit the process of extracting bitcoins by using government electricity.
Now back to the technical badysis front: the price is in constant struggle with the 50-day moving average. It has fallen below a few times recently. It was the first time since February that the price was closing below this average on Wednesday. Fortunately for the bulls, the price exceeded this moving average yesterday. This movement back and forth shows that the bears are doing their best to bring down the price of Bitcoin. In terms of support, I think the level of immediate support is close to the 100-day moving average that is trading at $ 7,364.
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The price of bitcoin fell by nearly 34% from the record high of $ 13,851 on June 26, but it has still increased by almost 158% since the beginning of the year. Among the 3 best parts: ETH and XRP, the performances of Bitcoin are incomparable. ETH has only risen 58.56% since the beginning of the year, while Ripple's XRP has lost 12.93%. It is widely recognized that crypto-winter is over. But there is also another factor to take into account. This time, the strength of the bull is largely for Bitcoin. This is mainly due to the fact that investors play security. They do not want to be burned as before, while half of the space was covered with false projects. Until now, ETH pays the price.
So the question is how Bitcoin will evolve, given that the price has dropped by more than a third compared to its recent high.
In traditional markets, when the price falls 10% from its previous high, it usually means a correction and a 20% fall indicates that we are in a bear market. But this principle can not be applied in the cryptography markets, where gains of 158% can be achieved in six months.
To badyze this and to know if the speculators have lost control of the price, we can use the golden principle: observe the current price movement and compare it to the main moving averages. However, before doing this, it is also important to monitor the over-the-counter market and see what kind of order there is and especially who the buyers are.
During the peak, when the bitcoin price reached $ 20,000, the premium for the bitcoin price in the OTC market in Dubai rose to almost 20% of the spot price. Keep it to the same extent, the premium for the Bitcoin price on the OTC market in Dubai is currently between 10 and 15% . These unofficial OTC dealers say the reason for the premium is high for two reasons. First, there is a lot of optimism that something is about to come out of China in terms of bitcoin regulation. That's why Chinese buyers are happy to pay the premium. Second, there are sanctions imposed by the United States on various countries. This has brought more buyers to the market. The bullying behavior clearly does not work.
In fact, it is the US-sanctioned governments, such as Russia, Iran, North Korea and many others, that need attention. US-sanctioned countries can easily consolidate and exploit the process of extracting bitcoins by using government electricity.
Now back to the technical badysis front: the price is in constant struggle with the 50-day moving average. It has fallen below a few times recently. It was the first time since February that the price was closing below this average on Wednesday. Fortunately for the bulls, the price exceeded this moving average yesterday. This movement back and forth shows that the bears are doing their best to bring down the price of Bitcoin. In terms of support, I think the level of immediate support is close to the 100-day moving average that is trading at $ 7,364.
