💥💥What's Happening in the Bitcoin Market? 💥💥
Mt. Gox exchange refunds started a massive selling wave in the Bitcoin bull market. On July 5, Bitcoin price fell 5%, prompting investors to maintain support levels. Famous trader Matthew Hyland marked the $52,000 support as the first important level. What's happening in the Bitcoin market?
Bitcoin's weekly super trend indicator has provided a solid base for the price. This indicator has been active since mid-March when it hit an all-time high of $73,800. BTC/USD has been trading above the super trend line since the end of 2022. Compared to previous bull markets, Bitcoin's current decline is quite modest. BTC/USD parity has fallen by 38% since 2016, and the target of this decline is set at $45,750.
Blockstream CEO Adam Back recommends investors invest more in Bitcoin and MicroStrategy shares. Popular analyst Rekt Capital stated that he was not much affected by the depth of the decline in Bitcoin. In his posts on social media platform X, he announced that the withdrawal was -21% and lasted 45 days. He added that the average withdrawal depth was -22% and its duration was 42 days.
Rekt Capital emphasized that Bitcoin price history is repeated over the long term and the retracement period is above average.
Concrete Implications
Recommendations for investors:
Set the Bitcoin support level at $52,000.
Consider investing in MicroStrategy shares.
Consider buying on the dip without panicking.
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