Bitcoin price dips below crucial $33K support as Bitfinex whales shorts with over 5,000 BTC

Bitcoin price dips below crucial $33K support as Bitfinex whales shorts with over 5,000 BTC


Bitcoin (BTC) fell below $33,000 support on July 8 as a trusted trading range risked getting invalidated.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingViewTrader: $31,000 retest next for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping into the $32,000 range during trading on Thursday.

Trending: Joe Biden ONCE AGAIN Talking About Drinking The Blood of Children

The move followed an overnight retracement from around $35,000, with Bitcoin failing to crack crucial resistance.

With that, Bitcoin risks invalidating a bullish scenario which involves it entering the next stage of a Wyckoff distribution with potential to exit to the upside — around $39,000.

“Losing $33K range and I’m looking at $31-31.4K,” popular trader Michaël van de Poppe warned just before the dip began.

At the time of writing, volatility still meant that a recovery back within the range was possible, with BTC/USD circling $32,500 after local lows of $32,490 on Bitstamp.

BTC/USD scenario chart as of July 8. Source: Michaël van de Poppe/ TwitterBitfinex shorts spike 160% in hours

The latest price action came hours after fresh selling

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend