{"id":466326,"date":"2021-06-28T18:48:00","date_gmt":"2021-06-28T18:48:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=466326"},"modified":"2024-06-11T13:56:38","modified_gmt":"2024-06-11T13:56:38","slug":"bitcoin-weekly-support-holds-next","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-weekly-support-holds-next\/","title":{"rendered":"Bitcoin Weekly Support Holds By A Thread, What Comes Next?"},"content":{"rendered":"<p>For the past 2 months, <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-fresh-high-above-35k\/\">Bitcoin has undergone a significant downtrend<\/a>. The price of the first cryptocurrency by market cap has dropped from an all-time high of $64,000 to its current levels at $34,100.<\/p>\n<figure id=\"attachment_466345\" aria-describedby=\"caption-attachment-466345\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466345 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-21.png?resize=860%2C512\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"512\"><figcaption id=\"caption-attachment-466345\" class=\"wp-caption-text\">BTC with minor losses in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>After such prolonged bearish price action, the general sentiment in the market seems to be leaning towards a pessimist view. In the crypto community, some believe the market has entered a bear market, but the bulls still have hope to retake momentum.<\/p>\n<p>Anonymous analyst Murfski has been following the recent price action and is more bullish after Bitcoin managed to close the <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-to-10k\/\">weekly candle in the green<\/a>. In the coming days, the trader expects BTC to sweep the highs of its current range at $35,5000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a><\/p>\n<p>Ooft that Weekly close tho <a href=\"https:\/\/t.co\/FJEAH6sVJ1\" rel=\"nofollow\">pic.twitter.com\/FJEAH6sVJ1<\/a><\/p>\n<p>&mdash; Murfski (@Murfski_) <a href=\"https:\/\/twitter.com\/Murfski_\/status\/30850305?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This could be a good opportunity to take a short position. That level has been operating as major resistance in the 7-day chart. If <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-fresh-high-above-35k\/\">BTC\u2019s price fails to close above it,<\/a> the first cryptocurrency by market cap could experience another leg down to the H2 breaker and opening a good opportunity for a long position, the trader said.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a><\/p>\n<p>Are you shorting here anon? <a href=\"https:\/\/t.co\/IZoPC0o0gJ\" rel=\"nofollow\">pic.twitter.com\/IZoPC0o0gJ<\/a><\/p>\n<p>&mdash; Murfski (@Murfski_) <a href=\"https:\/\/twitter.com\/Murfski_\/status\/04380929?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the 4-hour chart, trader Josh Olszewicz has <a href=\"https:\/\/twitter.com\/CarpeNoctom\/status\/51086081?s=20\" target=\"_blank\" rel=\"noopener nofollow\">recorded<\/a> a bull divergence. However, Bitcoin has been unable to break local resistance and it\u2019s below the 200-EMA and other indicators.<\/p>\n<figure id=\"attachment_466346\" aria-describedby=\"caption-attachment-466346\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466346 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-21.jpg?resize=860%2C428\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"428\"><figcaption id=\"caption-attachment-466346\" class=\"wp-caption-text\">Source: Josh Olszewicz<\/figcaption><\/figure>\n<p>Thus, investors should be cautious. The price action has no clear direction and Olszewicz expects the outlook to improved if BTC retakes the higher area in its current range.<\/p>\n<blockquote><p>(\u2026) Things wont really get interesting unless we get &gt;38k and start breaking the remaining res levels we have left.<\/p><\/blockquote>\n<h2>Bitcoin Holders Capitulated? Long Term And Short Term Holders Feel The Fear<\/h2>\n<p>Analyst Checkmate believes the market has <a href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-26-2021\/\" target=\"_blank\" rel=\"noopener nofollow\">reached <\/a>capitulation levels driven by the BTC miner\u2019s migration out of China.<\/p>\n<blockquote><p>As mining hash-power continues to drop off the network during the largest migration of mining hardware in history, Bitcoin holders market wide appear to have capitulated at the lows once again. The market realised the largest absolute losses in history and we explore the cross section of the market most affected.<\/p><\/blockquote>\n<p>This constitutes the second market capitulation in the past two months. Checkmate estimates that around $3.45 billion losses have been realized during this event. In other words, a large portion of investors sold their coins at a loss, as the chart below shows.<\/p>\n<figure id=\"attachment_466348\" aria-describedby=\"caption-attachment-466348\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466348 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/BTC-BTCUSD-5.png?resize=860%2C484\" alt=\"BTC BTCUSD\" width=\"860\" height=\"484\"><figcaption id=\"caption-attachment-466348\" class=\"wp-caption-text\">Source: Glassnode Insights<\/figcaption><\/figure>\n<p>In previous weeks, long-term holders (LTH) usually leverage capitulation events to increase their Bitcoin holdings. The latest downside price action was different and created panic in both long and short-term holders (STH), the analyst said.<\/p>\n<blockquote><p>(\u2026) as demonstrated by the volatility in LTH-SOPR, and deep capitulation in STH-SOPR. STHs have realised losses only slightly less than in the March 2020 capitulation event. LTHs were willing to spend coins with an average cost basis fluctuating between $9.2k and $16.3k this week, suggesting a high degree of uncertainty.<\/p><\/blockquote>\n<figure id=\"attachment_466347\" aria-describedby=\"caption-attachment-466347\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466347 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/BTC-BTCUSD-4.png?resize=860%2C484\" alt=\"BTC BTCUSD\" width=\"860\" height=\"484\"><figcaption id=\"caption-attachment-466347\" class=\"wp-caption-text\">Source: Glassnode Insights<\/figcaption><\/figure>\n<p>In addition to low institutional demand and high selling pressure from the BTC miners, the market could continue to move at its current levels. For the coming weeks, investors should expect further downside unless BTC\u2019s price reclaims higher levels or a catalyst <a href=\"https:\/\/uniquehot.com\/sponsored\/big-bitcoin-investors-who-they-are-in-teslas-footsteps\/\">event changes the dynamics.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the past 2 months, Bitcoin has undergone a significant downtrend. The price of the first cryptocurrency by market cap has dropped from an all-time high of $64,000 to its current levels at $34,100. After such prolonged bearish price action, the general sentiment in the market seems to be leaning towards a pessimist view. In the crypto community, some believe the market has entered a bear market, but the bulls still have hope to retake momentum. Anonymous analyst Murfski has been following the recent price action and is more bullish after Bitcoin managed to close the weekly candle in the green. In the coming days, the trader expects BTC to sweep the highs of its current range at $35,5000. #BTC Ooft that Weekly close tho pic.twitter.com\/FJEAH6sVJ1 &mdash; Murfski (@Murfski_) June 28, 2021 This could be a good opportunity to take a short position. That level has been operating as major resistance in the 7-day chart. If BTC\u2019s price fails to close above it, the first cryptocurrency by market cap could experience another leg down to the H2 breaker and opening a good opportunity for a long position, the trader said. #BTC Are you shorting here anon? pic.twitter.com\/IZoPC0o0gJ &mdash; Murfski (@Murfski_) June 28, 2021 In the 4-hour chart, trader Josh Olszewicz has recorded a bull divergence. However, Bitcoin has been unable to break local resistance and it\u2019s below the 200-EMA and other indicators. Thus, investors should be cautious. The price action has no clear direction and Olszewicz expects the outlook to improved if BTC retakes the higher area in its current range. (\u2026) Things wont really get interesting unless we get &gt;38k and start breaking the remaining res levels we have left. Bitcoin Holders Capitulated? Long Term And Short Term Holders Feel The Fear Analyst Checkmate believes the market has reached capitulation levels driven by the BTC miner\u2019s migration out of China. As mining hash-power continues to drop off the network during the largest migration of mining hardware in history, Bitcoin holders market wide appear to have capitulated at the lows once again. The market realised the largest absolute losses in history and we explore the cross section of the market most affected. This constitutes the second market capitulation in the past two months. Checkmate estimates that around $3.45 billion losses have been realized during this event. In other words, a large portion of investors sold their coins at a loss, as the chart below shows. In previous weeks, long-term holders (LTH) usually leverage capitulation events to increase their Bitcoin holdings. The latest downside price action was different and created panic in both long and short-term holders (STH), the analyst said. (\u2026) as demonstrated by the volatility in LTH-SOPR, and deep capitulation in STH-SOPR. STHs have realised losses only slightly less than in the March 2020 capitulation event. LTHs were willing to spend coins with an average cost basis fluctuating between $9.2k and $16.3k this week, suggesting a high degree of uncertainty. In addition to low institutional demand and high selling pressure from the BTC miners, the market could continue to move at its current levels. For the coming weeks, investors should expect further downside unless BTC\u2019s price reclaims higher levels or a catalyst event changes the dynamics.<\/p>\n","protected":false},"author":535,"featured_media":466327,"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":[428,1119,1144],"class_list":["post-466326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Weekly Support Holds By A Thread, What Comes Next?<\/title>\n<meta name=\"description\" content=\"For the past 2 months, Bitcoin has undergone a significant downtrend. 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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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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. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Weekly Support Holds By A Thread, What Comes Next?","url":"http:\/\/uniquehot.com\/news\/bitcoin-weekly-support-holds-next\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-weekly-support-holds-next\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-20.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-20.jpg?fit=1268%2C541"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-06-28T18:48:00Z","datePublished":"2021-06-28T18:48:00Z","dateModified":"2024-06-11T13:56:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Weekly Support Holds By A Thread, What Comes Next?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-weekly-support-holds-next\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-weekly-support-holds-next\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-BTC-BTCUSD-20.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-BTC-BTCUSD-20.jpg?fit=1268%2C541\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-06-28T18:48:00Z\",\"datePublished\":\"2021-06-28T18:48:00Z\",\"dateModified\":\"2024-06-11T13:56:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-20.jpg?fit=1268%2C541","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466326"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=466326"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/466327"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=466326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=466326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=466326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}