{"id":15910,"date":"2021-07-09T06:08:19","date_gmt":"2021-07-09T06:08:19","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=15910"},"modified":"2021-07-09T06:08:21","modified_gmt":"2021-07-09T06:08:21","slug":"news-commentary-1404-bitcoin-key-levels-to-watch-out","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=15910","title":{"rendered":"News Commentary #1,404 \u2013 Bitcoin | Key Levels To Watch Out ?"},"content":{"rendered":"

One of the most intense and interesting stories in the world called bitcoin<\/strong> continues \ud83d\ude42 . Analysts pay attention to the key price levels of the king of crypto coins , which are still the main support<\/strong>, but if they break down (which, however, cannot be guaranteed), the situation can become very dramatic..<\/p>\n

Let’s hope for the best, but we will prepare for the worst – as they say.. The rise or fall may happen in the coming days \/ weeks..<\/p>\n

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Thursday, July 8, saw another bloodbath on Satoshi Street with Bitcoin (BTC) and altcoins coming crashing down in the early hours. At press time, Bitcoin is trading 2.57% down at $32,556 levels with a market cap of $608.<\/p>\n

The world\u2019s largest cryptocurrency has been showing high volatility over the last few weeks but remains range-bound between $31,000-$35,000. Citing the Fibonacci retracement levels on technical charts, Craig Johnson, chief market technician at Piper Sandler, points out key support and resistance levels. Speaking to CNBC, Johnson\u00a0noted<\/a>:<\/p>\n

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\u201cWe broke out in January. A few months ago, we made this peak. I actually would go back and put the retracement levels on top of bitcoin, and when you see that, you can see that around 33,000 to 34,000 is a very important retracement level\u201d.<\/p>\n<\/blockquote>\n

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Courtesy: CNBC<\/figcaption>\n<\/figure>\n

However, Johnson adds that BTC has already corrected over 45% from its peak in April 2021. Thus, he believes that BTC is unlikely to correct further but at the same time, he does spot a prolonged period of consolidation. He notes that historically, these consolidation cycles have lasted for around 1000 days.<\/p>\n

On the other hand, Blue Line Capital President Bill Baruch told CNBC that he\u2019s waiting for the next big opportunity to add more BTC to his portfolio.<\/p>\n

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\u201cGive me $25,000 on bitcoin, and I\u2019d be buying more. I\u2019ve been in the space since 2017. There\u2019s times where I\u2019m in it, there\u2019s times when I\u2019m not, I totally exited through early this year,\u201d he added.<\/p>\n<\/blockquote>\n

BTC Funding Rates Negative, Novogratz Stays Bullish<\/h3>\n

One bullish indicator for Bitcoin investors is that since the May correction, the Bitcoin funding rate on perpetual futures has remained negative. Positive funding rates usually indicate the market tops while negative funding rates are followed by price jumps.<\/p>\n