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Crypto Industry News:
Bitcoin's price has just hit $22,957 at the time of writing - meaning that more than 45% of BTC holders have a "paper loss" or unrealized loss, according to Glassnode.
In a tweet on Saturday, Glassnode noted that more than 80% of total US dollar funds invested in Bitcoin had not been touched for at least three months. In addition, the data is strikingly similar to that of previous Bitcoin den. This means that "most of the supply of BTC is dormant" and that the hunters are "increasingly reluctant to sell at lower prices," the company said.
According to the Glassnode chart, other periods where similar Bitcoin hodling levels have occurred are the ends of the 2012, 2015, and 2018 bear market.
Technical Market Outlook:
The BTC/USD pair has bounced strongly from the lows seen at $18,916, but is still trading inside the ascending channel. The last local high was made at the level of $22,957. In a case of further bounce extension, the next target is seen at the level of $22,492, which is the local high from July 8th - for a valid breakout, the daily candle must close above this level. The level of $21,867 will now act as a technical support for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. The gamechanger level is located at $25,367.
Weekly Pivot Points:
WR3 - $23,780
WR2 - $22,629
WR1 - $22,245
Weekly Pivot - $21,487
WS1 - $21,094
WS2 - $20,326
WS3 - $19,175
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367.
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