At the time of writing, BTC is trading at $56,280 and S-1 Form updates for ETH continue. BTC price experienced a new decline after the US market opened today, following transfers made by an institution affiliated with the German government. The good news was that more than half of the 50,000 BTC reserve had been consumed. So, what happens next?
Cryptocurrency Commentary
SPX rose by 2% and recently broke an all-time record, but during the same period, BTC price eroded by double digits. Bitcoin (BTC), which lagged significantly behind the stock markets, is also struggling to maintain the $56,552 support level. MTGOX refunds and sales by the German government are discouraging.
As Bitcoin’s weakness continues, we are starting to see larger losses in altcoins. The CoinShares report tells us that institutions are also sharing in the fear in crypto. Last week, we saw a net outflow of $441 million.
Some analysts say the bottom is near, but the risk of billion-dollar BTC sales combined with investor fear creates a multiplier effect. As we recently shared, Bitfinex analysts have a strong opinion on the local bottom for BTC.
What Will BTC Be Worth?
It is impossible to predict, and if you can’t see the future, it’s truly impossible. Market conditions can sometimes be favorable or unfavorable due to macroeconomic developments or the unique issues of crypto itself. This increases the unpredictability compared to other markets.
On July 7, the closing was below $56,552. Bears couldn’t push the price below $53,485, and $58,000 was tested in the last 24 hours. However, as Germany made new BTC transfers, BTC dropped back to the $54,260 levels. The struggle between $56,552 and $53,485 causes sudden fluctuations.
If we see a rapid upward movement, $60,625 could be tested. However, if the test fails or the direction sharply turns down again from current levels, breaking the $53,485 support could lead to a drop to $50,000. For now, we have a large range between $53,485 and the $73,777 ATH level.
