On Tuesday the 31st of July, trading on bitcoin closed down. The world’s top cryptocurrency depreciated by 5.46% against the dollar. The last 24 hours has seen 5.8bn USD in trading volume, including 2.6bn USD in purchases, and 3.1bn USD in sales.
Bitcoin’s summer sale started in the European session. After a bounce from 7,842 USD to 8,219 USD, buyers were blown away. They thrice tried to stop the ensuing drop; at 7,990 USD, 7,920 USD, and 7,620 USD. They tried to enter the market on short-term rebounds with market orders at 7,720 USD and 7,750 USD. All attempts failed. In today’s Asian session, bitcoin dropped further to 7,551 USD.
Factors in favour of the bears:
Factors in favour of the bulls:
If pressure on bitcoin increases in the coming days, buyers will need to defend 6,800 USD, or they can forget about a rally at the end of the year. If the day closes below 7,300 USD, this will confirm the breakout of the TR2 line as false. For us to see growth again, the XBTUSD pair must stay above this line during its phase of decline (up to the 23rd of August).