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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Sets Record Streak For Bloodliest Weekly Trend yet

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Bitcoin

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Bitcoin continues to move sideways in the $30,000 area. The general sentiment in the market points to extreme fear levels and uncertainty as to the number one crypto by market cap trades without clear direction.

Related Reading | TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

At the time of writing, BTC’s price trades at $29,500 with a 1% profit in the last 24-hours.

Bitcoin BTC BTCUSD
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Per a report from Arcane Research, Bitcoin has been making history over the past weeks. The current downtrend could be one of the worst since BTC’s inception as the cryptocurrency recently recorded its first eight consecutive weeks in the red.

The research firm claims BTC’s price established important support at $29,000. This level coincides with 2021’s lowest point during the May-July bearish price action.

Therefore, it should operate as strong support and as an important point to determine any future price action. If this level fails, Bitcoin could retest the $25,000 mark and the $20,000, which stands as the cryptocurrency’s previous all-time high.

Data from Material Indicators and Jarvis Labs provides clues about what is brewing in the market after the recent major move to the downside. During this time, the market usually enters a long consolidation period as liquidity pools below and above BTC’s price are formed.

Jarvis Labs claimed liquidity at $40,000 and $45,000 has been increasing in the past two weeks. Conversely, the liquidity around $28,000 and $25,000 experienced a surge.

Large market participants are usually incentivized to move the price of a cryptocurrency towards those liquidity pools. This suggests a potential retest of BTC’s price current lows and critical support zone to grab liquidity below before the cryptocurrency can move higher. The opposite could be in the cards.

Bitcoin BTC BTCUSD Jarvis Labs
Source: Jarvis Labs via Twitter

Who Is Buying The Bitcoin Dip?

Additional data provided by Material Indicators, for low timeframes, indicate important support for BTC’s price at around $29,000. There are $45 million in bid orders around those levels, one of the largest supports in recent months.

As seen below, this suggests the bears might have a difficult time pushing the price of Bitcoin below its current levels.

Bitcoin BTC BTCUSD MI 1
BTC’s price with support at $29,000 (bid orders below price). Source: Material Indicators

On higher timeframes, the support at $29,000 seems strong. Material Indicators record an increase in buying pressure across several investors.

Investors with small bid orders of around $100 to $1,000 (green and yellow in the chart below) and investors with large orders of around $100,000 have been buying BTC’s current price action.

However, investors with larger orders of over $1 million (brown in the chart below) appear to be selling. This could be contributing to BTC’s consolidation.

Bitcoin BTC BTCUSD MI 2
Source: Material Indicators

If the whales reduce their selling pressure, maybe BTC could see some relief towards the liquidity pools pointed out by Jarvis Labs. However, market participants should be careful of a potential re-test of $25,000 and $28,000.

Related Reading | Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO

Liquidity around those levels could become more attractive, especially if the price of Bitcoin gets some relief in the short term.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. 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’s ‘Neuromancer.’ 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’s ‘Civil Disobedience.’
But that’s 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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