Bitcoin Slips to $32,200 as Gains Appear Long Overdue

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Created by TradeOr

3rd Party Analysis 08 Jul 2021

Key Takeaways

  • Digital assets drop on Tuesday, following two days of gains
  • While in a tight range, bitcoin’s price is positioned for a move up, according to a report

Bitcoin Slips to $32,200

Bitcoin’s price has been caught in the range between $30,000 and $35,000 for over two weeks now. In the meantime, cryptocurrency market participants await the next big price catalyst that would put bitcoin out of its slump.

The relatively long period of stability in the price of the world’s largest digital currency, according to crypto proponents, is ripe for a big move up. In particular after the Chinese ban has been baked into the price and the market is positioning to continue forward.

The price of Bitcoin has not been moving much this month as the month-to-date performance sits at less than 3% to the downside. Currently, bitcoin is floating around the level of $32,400 with a session low of $32,200 and an intraday high of $34,500.

Calmness Characterizes Ethereum

The second biggest crypto-token, Ether, has seen a similar period of calmness. In recent days, the Ethereum coin has been floating in the $2,000 to $2,300 range with a month-to-date result of a 3% decline.

Since China announced its crackdown on crypto mining and trading in a series of statements in May and June, the cryptocurrency market has been pressured. Thus leaving the market with a cap of less than $1.4tn, with bitcoin’s price subdued below $35,000.

According to a report from analytics firm Glassnode, bitcoin is primed for a bullish breakout. The market data gathered from Glassnode points that there has been a significant increase in so-called whale accounts. Indeed, those accounts are holding large amounts of bitcoin. The last time there was a large uptick in this measure, bitcoin’s bull run accelerated to the all-time high of $64,800 in April.

Meanwhile, Elon Musk deleted a crypto tweet minutes after he published it yesterday. The tweet featured a seemingly fake quote by the legendary investor Warren Buffett. The meme included a picture of the 90-year-old billionaire with a title that said: “Find as many coins as you can. And fast!” Moments after Mr. Musk published it, the post received more than 7,000 shares before it was removed.

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