Bitcoin Plunging: Is This The Best Time To Buy BTC?
2024年7月5日 - 1:00PM
NEWSBTC
Bitcoin is fast selling off. At spot rates, the world’s most
valuable coin dropped by over 5% on the last day of trading and
continues to spiral lower, easily breaking $60,000. The
psychological round number has been level to watch out for over the
previous few days, especially following gains over the weekend.
Bitcoin Is Down: Is It Time To Buy? While Bitcoin is edging lower
and sellers are relentless, one analyst thinks this is the right
time to stack up. In a post on X, the analyst argues that Bitcoin
is on the cusp of the “Spring” phase within the Wyckoff
re-accumulation model. The Wyckoff model is a technical analysis
tool used by traders and chartists. Traditionally, it uses price
and volume patterns to identify potential price movements. Related
Reading: Crypto Market In Panic As Bitcoin Crash To $57,000 Sends
105,000 Traders To The Slaughter While Wyckoff describes multiple
phases when it comes to price patterns, the “Spring” stage is what
most traders always track. When prices “spring” higher from this
stage, the coin tends to break out from the current range at the
back of rising trading volume. Looking at the Bitcoin daily chart,
it is evident that prices have been consolidating. Thus far, the
primary support is around the May and June 2024 lows. Then, prices
broke lower, sinking below $57,000 and bottoming at around $56,500
in May. Resistance lies between $72,000 and March 2024 highs on the
upper end. As it is, Bitcoin is retesting the primary
support, with the July 4 bar piercing $60,000 and dropping to as
low as $56,900 earlier today. Based on the Wyckoff model, prices
are priming for the spring phase. This preview will hold,
especially if there is no confirmation of today’s losses. Miner
Capitulating Though Long-Term Holders Are Not Selling Though
the analyst is upbeat, not everyone is bullish. According to Willy
Woo, an on-chain analyst, the current sell-off is primarily driven
by miner capitulation. Looking at the Bitcoin Hash Ribbons, the
drop appears to be getting started as the market culls off “weak”
miners. Since the April 20 Halving, the Bitcoin network
automatically slashed BTC rewards by half to 3.125 BTC. This
automated move heaped more pressure on miners, who must invest
capital to buy gear and operate efficiently. With falling revenue,
only the most efficient miners stand a chance to operate
profitably. Related Reading: Solana Meme Coins Outperform Ethereum
800% YTD – Top Winners Revealed As a result, those who can’t
upgrade their gear are forced to exit the scene. If they don’t,
they stand operating without a chance of consistently winning block
rewards. Over the last eight months, on-chain data shows that
miners have been offloading BTC, countering the uptrend of Q1 2024
and worsening the correction from April. Amid this, long-term
holders, mostly institutions and whales, stopped selling in
mid-January 2024. Then, the United States Securities and Exchange
Commission (SEC) approved the first spot for the Bitcoin
exchange-traded fund (ETF). As proof, the Bitcoin “illiquid
supply,” which shows the number of coins that haven’t been moved
for over two years, is at a near all-time high. Feature image from
DALLE, chart from TradingView
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