Bulls are hesitant to buy the dip after BTC falls below the $35k level

  • Following a comment from the US Federal Reserve, Bitcoin re-enters the $35,000 range.
  • Bitcoin’s price has broken through the critical $36,000 support level.
  • After hitting a low in the middle of May, long-term holders have continued to rise.

After the US Federal Reserve’s interest rate comment on Friday, Bitcoin re-enters the $35,000 range. This BTC drop made bulls hesitant to buy the dip, but on-chain data shows that long-term holders continue to grow.

Bitcoin and traditional markets took another hit after the US Federal Reserve mentioned the possibility of interest rate hikes. As a result, there have been numerous discussions about a possible death-cross for BTC.

Specialists warn traders that BTC is displaying bearish signals, implying that a death cross is imminent. The Cryptocurrency press release is the place where you can publish the news about your crypto company.

Today’s selling pushed the price of Bitcoin below the critical support level of $36,000. As a result, traders anticipate $32,500 as the next stop before returning to the swing low of $30,000.

As a result of these technical factors, as well as negative headlines, traders are concerned about the current drop in BTC. Especially after the news that China is considering a ban on Bitcoin mining and the ‘rug pull’ on the Iron Finance protocol. Cryptocurrency and Fintech ads are the place where you can promote your crypto firm’s news product or services.

As investor concerns grow, some traders who purchased at the March and May highs are selling at a loss. Clearly, after reaching a low in the middle of May, the total supply of Bitcoin held by long-term holders has continued to rise.

Recent on-chain data suggests that Bitcoin is oversold, according to crypto Twitter analyst William Clemente III. He went on to say that the company “now sits on historically significant inflection points for major on-chain indicators.”

Aside from that, long-term data points to a more optimistic future, as whale wallets and long-term holders continue to increase their BTC balances. Bitcoin is currently trading at $35,613.21, with a 24-hour trading volume of $37,786,803,257. It has lost 5.44 percent in the last 24 hours and has a market capitalization of $667,335,428,563.

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You can also read some of my articles,

  1. Coinpedia- Blockchain Development and Cryptocurrency Services- https://writeonwall.com/cryptocurrency-services-and-building-the-blockchain-by-coinpedia/
  2. Why Do Marketers Care About Cryptocurrency?- https://vin.gl/p/3710846?wsrc=link

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