{"id":288348,"date":"2021-07-01T11:29:39","date_gmt":"2021-07-01T08:29:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss\/"},"modified":"2021-07-01T11:29:39","modified_gmt":"2021-07-01T08:29:39","slug":"bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss\/","title":{"rendered":"# Bitcoin bulls must now defend $33K support after 5% daily loss"},"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-6a3dc5a6eb103\" 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-6a3dc5a6eb103\" 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\/bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss\/#No_price_breakout_for_Bitcoin\" >No price breakout for Bitcoin<\/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\/bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss\/#Waiting_for_seller_exhaustion\" >Waiting for seller exhaustion<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bulls must now defend $33K support after 5% daily loss <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) faced fresh losses on July 1 as attention focused on an impending test of an important\u00a0 support zone.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/bd1e53d8-b55e-4f26-b373-4d85e68c02b0.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"No_price_breakout_for_Bitcoin\"><\/span>No price breakout for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0tracked a 5% decline in BTC\/USD overnight on Wednesday.<\/p>\n<p>As Cointelegraph reported, eyes are now on an area between $32,300 and $33,000 to provide a floor. On Thursday, popular trader Micha\u00ebl van de Poppe reiterated the need for that zone to hold.<\/p>\n<p>The pair had reversed after reaching nearly $36,700, erasing most of the gains it had sealed in a run-up which began at the weekend.<\/p>\n<p>&#8220;Would be nice if Bitcoin creates a higher low here &amp; flips $33K for support to sustain the momentum,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1410494224236220416\">said<\/a> in his latest <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> update.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1410494224236220416\/photo\/1\"><\/a><\/p>\n<p>Exchange orderbook data broadly supported the thesis, with buyer interest lined up at an area around $32,000. $37,000 seller resistance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1410509116586573825\">remained intact<\/a> on Binance.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/88d0dc62-a8de-4eea-822b-232fbb5b54f1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD buy and sell positions on Binance as of July 1. Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>At the time of writing, BTC\/USD was falling steadily towards the zone of interest, circling $33,300.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Waiting_for_seller_exhaustion\"><\/span>Waiting for seller exhaustion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Current spot price weakness thus continues the &#8220;tale of two Bitcoins&#8221; scenario which has emerged over the past week or so.<\/p>\n<p>Specifically, on-chain indicators are broadly bullish and insisting that a recovery is already underway, while BTC price action has failed to comply.<\/p>\n<p><strong><em>Related:\u00a0Biggest ever mining difficulty drop: 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>Summarizing comments from statistician Willy Woo on Tuesday, analyst William Clemente pointed to a reaccumulation of BTC as being the main takeaway from the past month&#8217;s volatile price period.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6ec50ea9-cd8c-4d16-bb2b-9f28709b2e69.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquid supply ratio annotated chart. Source: Willy Woo\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Woo had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1407403983023460354\">uploaded<\/a> Bitcoin liquid supply ratio data, showing strong hands adding to their positions while new investors panic sold.<\/p>\n<p>&#8220;Imo this chart is the easiest way to visualize what&#8217;s taken place over the last month under the hood,&#8221; Clemente <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1409884875612643341\">commented<\/a>. <\/p>\n<blockquote><p>&#8220;Strong hands have added increasingly through recent price decline, now offsetting selling from weak hands. Now we wait for reaccumulation to complete &#8211; seller exhaustion.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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\/bitcoin-bulls-must-now-defend-33k-support-after-5-daily-loss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bulls must now defend $33K support after 5% daily loss &#8221; Bitcoin (BTC) faced fresh losses on July 1 as attention focused on an impending test of an important\u00a0 support zone.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView No price breakout for Bitcoin Data from Cointelegraph Markets Pro and TradingView\u00a0tracked a 5% decline&#8230;<\/p>\n","protected":false},"author":1,"featured_media":288349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvN2RlZDUxOGUtYjczNi00ZWFkLThlNTEtMmIzNDJiZjA1ZWY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-288348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/288348","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=288348"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/288348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/288349"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=288348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=288348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=288348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}