{"id":286103,"date":"2021-06-29T01:18:16","date_gmt":"2021-06-28T22:18:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bears-back-off-but-bitcoin-price-still-wavers-below-35k\/"},"modified":"2021-06-29T01:18:16","modified_gmt":"2021-06-28T22:18:16","slug":"bears-back-off-but-bitcoin-price-still-wavers-below-35k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bears-back-off-but-bitcoin-price-still-wavers-below-35k\/","title":{"rendered":"# Bears back off, but Bitcoin price still wavers below $35K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a408d585e402\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a408d585e402\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bears-back-off-but-bitcoin-price-still-wavers-below-35k\/#Bitfinex_BTC_flows_come_into_focus_while_the_selling_continues\" >Bitfinex BTC flows come into focus while the selling continues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bears-back-off-but-bitcoin-price-still-wavers-below-35k\/#Bitcoin_rally_brings_relief_to_the_altcoins\" >Bitcoin rally brings relief to the altcoins<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bears back off, but Bitcoin price still wavers below $35K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Although bulls made a show of force in the morning trading hours, Bitcoin (BTC) price is still pinned under the $35,000 resistance and unable to flip the 20-day moving average to support or secure a daily close above the level.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> since rallying to $35,400 on June 28, Bitcoin has traded in a range between $33,850 and $35,000 as the fallout from China\u2019s crackdown on BTC mining continues to reverberate across the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/3f48ea83-58b7-4dcc-9073-3f344ae65eb3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>In addition to turning the Bitcoin mining ecosystem on its head, China&#8217;s government also turned the screw on local cryptocurrency exchanges, resulting in the closure of BTCChina. China has also effectively\u00a0banned crypto derivatives trading for Huobi exchange users.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitfinex_BTC_flows_come_into_focus_while_the_selling_continues\"><\/span>Bitfinex BTC flows come into focus while the selling continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to data from Glassnode, the downside price action over the past week \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have created a panic\u201d for both long and short term holders \u201cas demonstrated by the volatility in LTH-SOPR, and deep capitulation in STH-SOPR.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/46d49bef-7d83-447a-a611-de5c3cb71ec5.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin short- and long-term holder SOPR. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-26-2021\/\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>Glassnode said:<\/p>\n<blockquote><p>\u201cSTHs have realized losses only slightly less than in the March 2020 capitulation event. LTHs were willing to spend coins with an average cost basis fluctuating between $9.2k and $16.3k this week, suggesting a high degree of uncertainty.\u201d<\/p><\/blockquote>\n<p>Further insight into the current market conditions offered by CryptoQuant highlighted Bitcoin inflows and outflows at Bitfinex as a possible gauge for market developments.  <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hoping for a quick uptrend turnaround<\/p>\n<p>Read More<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xw0v70LMO5\">https:\/\/t.co\/xw0v70LMO5<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tziBkJgadI\">pic.twitter.com\/tziBkJgadI<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1409370040328097797?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to CryptoQuant\u2019s analysis, the market has seen a \u201crelatively high derivative to spot BTC flow,\u201d a change that usually \u201cimplies a turning point\u201d in the market.  <\/p>\n<p>CryptoQuant highlighted that the recent increase seen in the Bitcoin all exchange inflow mean (MA7) \u201cindicates that the large deposits that caused the decline are coming to an end,\u201d an observation that was further supported by Bitcoin outflows from Bitfinex, \u201cwhich was considered the main culprit of the recent downtrend.\u201d<\/p>\n<p>The increasingly risky situation the bears now find themselves in was highlighted by crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> analyst, William Clemente III, who posted the following tweet pointing to 11 straight days of negative funding. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Funding has now been negative for 11 days straight.<\/p>\n<p>Translation: Shorts are paying longs to keep their positions open. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PkGJ8LGPPz\">pic.twitter.com\/PkGJ8LGPPz<\/a><\/p>\n<p>\u2014 William Clemente III (@WClementeIII) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1409599656586317829?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_rally_brings_relief_to_the_altcoins\"><\/span>Bitcoin rally brings relief to the altcoins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most altcoins saw a turnaround in prices as Bitcoin showed signs of life above $34,000, including a 15.7% gain in Ether (ETH) price that briefly lifted the top altcoin back above $2,100. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/c37b5259-0078-403c-9189-1109c7df0ce1.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>The best performance of the day was posted by Populous (PPT), which surged 100% to an intraday high at $2.67, while IoTeX (IOTX), Kusama (KSM) and Compound (COMP) all registered 33%. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.402 trillion and Bitcoin\u2019s dominance rate is 46.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bears-back-off-but-bitcoin-price-still-wavers-below-35k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bears back off, but Bitcoin price still wavers below $35K &#8221; Although bulls made a show of force in the morning trading hours, Bitcoin (BTC) price is still pinned under the $35,000 resistance and unable to flip the 20-day moving average to support or secure a daily close above the level.\u00a0 Data from Cointelegraph&#8230;<\/p>\n","protected":false},"author":1,"featured_media":286104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNjljZGIyMTEtNDA4Mi00YzM4LTg1OWUtMWY1ODY0ODhjMzJiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75302,74862,74937,74863,74860,82402,74891,75150,73785],"class_list":["post-286103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ether-price","tag-ethereum","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=286103"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/286104"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=286103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=286103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=286103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}