Bitcoin Slips Below $30K: Bulls Look To Take Charge Now?
• Bitcoin has slipped below its monthly support of $29K to the $28.8K mark leading to a massive market liquidation.
• Products shorting Bitcoin have seen outflows for 13 consecutive weeks, while investors are beginning to prefer Ethereum over Bitcoin.
• Analysts view this as a prime opportunity to go long on Bitcoin’s price and push it back up to $30K.
Bitcoin Experiences Drop Below $29K
Bitcoin experienced a drop today following reports from the Wall Street Journal and Chinese policymakers which led it to slip below its monthly support of $29K, continuing down to the $28.8K mark. This bearish swing caused a lot of market liquidation today.
Products Shorting Bitcoin Sees Outflows
Products shorting Bitcoin have seen outflows for 13 consecutive weeks amounting to $5.5M, while funds tracking BTC reported outflows of $13M. Investors are beginning to prefer Ethereum over Bitcoin as evidenced by the inflows into Ethereum amounting to $6.6M.
Liquidations Surge Following Price Drop
Coinglass’s total liquidation chart showed a significant surge today following the drop in BTC price, with both short and call holders experiencing heavy liquidations but long positions taking most of the hit with liquidations surpassing $41 million, while put positions experienced a minor decrease in liquidation at around only $3 million.
Analysts View This As A Buying Opportunity
Analysts view this as a prime opportunity for bulls to take charge now and push BTC back up closer towards its previous high at around $30k by going long on Bitcoin’s price and taking advantage of this dip in prices . Despite sellers having previously made considerable profits when BTC nearly reached above 30k before this dip, analysts still see potential in buying right now and believe that prices will eventually recover back up again soon enough if buyers come through during these times .
Conclusion
With all things considered , it is clear that although there has been some volatility from time-to-time , there is still plenty of room left for growth with regardsto bitcoin’s value . Bullish sentiments remain strong amongst experts who believe that its current dip is just temporary and that prices should bounce back soon enough given enough buyers entering into the market .