September 27, 2023 1:29 am

3 reasons why Bitcoin’s price is poised to maintain $30,000 level as support

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Bitcoin price experienced a slight decline this week, but various indicators suggest that the $30,000 support level will remain intact in the future. Over a 15-day period leading up to July 7, Bitcoin stayed within a tight range of 4.3%. However, investor sentiment was affected by a failed attempt to break above $31,400 on July 6, despite Bitcoin’s impressive year-to-date gains of 82%.

One factor contributing to the short-term correction is the tendency of traders to overreact to immediate price movements rather than focusing on the overall gains made by Bitcoin. This sentiment also applies to other cryptocurrencies in the market.

Investors are particularly concerned about whether the recent price surge was solely driven by the influx of spot Bitcoin exchange-traded fund (ETF) requests. The potential approval of ETFs has been a topic of discussion among institutional investors, with many seeing it as a significant development for Bitcoin’s acceptance as an asset class.

Additionally, recent developments at Binance have caused ripples in the crypto market. The departure of Binance’s chief strategy officer and other compliance officers, along with the announcement of the cessation of the exchange’s euro banking payment gateway services, have added to the overall uncertainty surrounding Bitcoin’s price trajectory.

Outside of the cryptocurrency market, the U.S. Treasury curve experienced its deepest inversion since 1981 on July 3. This inversion indicates a discrepancy between short-term and long-term bond yields, a phenomenon that has historically preceded recessions. Investors have been closely monitoring these developments, which could have an indirect impact on Bitcoin’s price and market sentiment.

Despite these various events, a closer look at different market indicators suggests that Bitcoin bulls still have the upper hand. The OKX margin lending indicator, which measures margin lending activity based on the stablecoin/BTC ratio, has been steadily increasing, indicating growing confidence among traders. Additionally, the put-to-call ratio for Bitcoin options volume has remained below 1.0, indicating a preference for bullish call options and a lack of demand for protective put options.

Furthermore, the long-to-short ratio for top traders at OKX has increased, demonstrating a strong demand for leveraged long positions. At Binance, the indicator remains above the average for the previous 30 days, suggesting a neutral reading.

The potential approval of Bitcoin ETFs by regulators has also contributed to market optimism. Prominent figures, such as Larry Fink, the CEO of BlackRock, have acknowledged Bitcoin’s role as a digital alternative to gold and the potential benefits it offers as a hedge against inflation and currency devaluation.

In conclusion, while Bitcoin experienced a minor setback in its price this week, multiple indicators imply that the $30,000 support level will hold going forward. Traders’ bullish conviction, as reflected in margin, options, and futures markets, coupled with the potential approval of Bitcoin ETFs, suggests that bears will face challenges in bringing about a significant price correction. However, investors should conduct their own research and exercise caution in making investment decisions in a volatile market like cryptocurrencies.

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Original Source: 3 reasons why Bitcoin’s price is poised to maintain $30,000 level as support

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