Bitcoin (BTC) plunged to its ‘final support zone’ above $31,000 on July 15 as a low gradual plunge brought in fresh predictions of a BTC price crash. A failure to retain $31K might mean that $29,000 and then $24,000 are on the menu.
The Binance debacle appears to be spreading as $32,000 falls. Data acquired from TradingView showed BTC/USD reaching new local lows of $31,550 on July 15, 2021. The crypto had made little progress overnight, falling further as Italian legislators said that Binance exchange was banned from trading in their jurisdiction.
In the latest series of setbacks for the crypto exchange, a spokesperson nevertheless told the mainstream media that its operations were not affected by this announcement. The spokesperson was quoted by Reuters:
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.”
In that context, there remained a minimal cause for optimism among the spot traders. For some popular traders, $31,000 represented BTC’s last hope of avoiding a more series dip. One analyst summarized earlier on the day:
“Bitcoin didn’t hold the $32.4K level as support and dipped lower, through which it’s facing the final support zone to hold (the $31-31.5K region). If this is lost, $29K and $24K are the next zones.”
Holiday Blues Affecting Bitcoin Price?
This price headache is getting exacerbated by a conspicuous lack of interest among the investors, with low volumes which means that a sustained bullish uptick is highly unlikely. As data acquired from Glassnode on-chain monitoring resource revealed, nonetheless, it might be seasonal, instead of an emotional phenomenon. The co-founders Yann Allemann and Jan Happel argued:
“Investors aren’t selling, they are simply on holiday.”
In their argument, they pointed to a considerable reduction in exchange transaction fees.
Previous reports show that accumulation is underway and investors who sold bitcoin when it hit $30,000 on its way to set the current all-time highs achieved in April.