{"id":305967,"date":"2021-07-23T00:05:00","date_gmt":"2021-07-22T21:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500\/"},"modified":"2021-07-23T00:05:00","modified_gmt":"2021-07-22T21:05:00","slug":"3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500\/","title":{"rendered":"# 3 reasons why traders think Bitcoin price bottomed at $29,500"},"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-6a3f8f56d0253\" 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-6a3f8f56d0253\" 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\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500\/#CME_futures_see_a_bullish_surge\" >CME futures see a bullish surge<\/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\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500\/#Multiple_zones_of_resistance_remain_in_Bitcoins_path\" >Multiple zones of resistance remain in Bitcoin&#8217;s path<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29500\/#Exchange_inflows_historically_spike_near_market_bottoms\" >Exchange inflows historically spike near market bottoms<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 reasons why traders think Bitcoin price bottomed at $29,500 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Traders are showing a renewed sense of hope after Bitcoin (BTC) price held onto the $32,000 range for what could be the second day in a row.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that bulls have managed to regroup at the $32,000 level where Bitcoin has hovered throughout the day but traders a patiently waiting for further confirmation that Bitcoin may be in the midst of a trend reversal before fully re-entering the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/f1cad04c-6985-4366-8cf8-4ed721eff3b6.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Here&#8217;s what analysts and investors expect next from Bitcoin price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CME_futures_see_a_bullish_surge\"><\/span>CME futures see a bullish surge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to a recent report from Delphi Digital, an aggressive reversal was observed in the CME futures basis on July 21, and this is a bullish sign for BTC traders who scooped up &#8216;cheap&#8217; futures contracts. The resulting contango is interpreted as bullish because the futures price is above the spot price of the asset. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/cfffa1c5-8581-4832-9a52-280730ad1de4.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 1-month futures basis. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>As seen on the chart above, the open interest for CME\u2019s Bitcoin futures doubled from $1.25 billion on July 19 to $2.5 billion on July 20 after institutions positioned themselves \u201cslightly net long after an extended period of being short.\u201d <\/p>\n<p>While leveraged funds remain net shot as they utilize CME futures to hedge their spot exposure, Delphi Digital indicated that they have probably \u201cclosed out some amount of their positions. <\/p>\n<p>Delphi Digital said:<\/p>\n<blockquote><p>\u201cOverall, CME\u2019s fresh futures contract creation is a slightly bullish narrative, considering BTC had a mini pump to reclaim its range a few hours after the New York session ended. As noted above, futures basis on CME hit negative levels yesterday before posting a sizeable reversal. All the data points to people buying up futures contracts as BTC spiked below the price range it\u2019s sat in for months now.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Multiple_zones_of_resistance_remain_in_Bitcoins_path\"><\/span>Multiple zones of resistance remain in Bitcoin&#8217;s path<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s recovery above $32,000 reignited the bullish optimism for many traders but the road ahead is by no means a walk in the park due to the multiple zones of resistance that lay overhead.<\/p>\n<p>According to pseudonymous crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> analyst Rekt Capital, many of the previous support levels for Bitcoin, including $35,000 and $37,000, could soon act as resistance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Overall, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> has a cluster of potentially new resistances ahead<\/p>\n<p>The red $32200 Weekly level it lost as support last week<\/p>\n<p>The recently lost blue 50 week EMA ($33700)<\/p>\n<p>And the black 2021 Higher Low (~$34800)<\/p>\n<p>All old supports<\/p>\n<p>All possibly new resistances<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/rYGSjoPAlY\">pic.twitter.com\/rYGSjoPAlY<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1418227614926327821?ref_src=twsrc%5Etfw\">July 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of writing, Bitcoin price is in the process of attempting a sustained breakout above $32,200 where the price has been stuck for most of the day.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_inflows_historically_spike_near_market_bottoms\"><\/span>Exchange inflows historically spike near market bottoms<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another sign of bullishness came from pseudonymous Twitter user IzzyEibani, who highlighted the recent spike in exchange inflows as a possible sign that the bottom is in. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A little bull hopium for you, inspired by a post from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MrBenLilly?ref_src=twsrc%5Etfw\">@MrBenLilly<\/a> <\/p>\n<p>Exchange inflows spiked 3 times since 2017, and each spike corresponded with a major bottom in price.<\/p>\n<p>And now, the 4th spike just completed&#8230;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FEys8uZ59G\">pic.twitter.com\/FEys8uZ59G<\/a><\/p>\n<p>\u2014 IzzyEibani (@IzzyEibani) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IzzyEibani\/status\/1418255094097776640?ref_src=twsrc%5Etfw\">July 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A closer look at the chart shows that there have been three instances in the past on Aug. 1, 2017, Nov. 30, 2018 and March 12, 2020, where inflows to exchanges spiked in a manner similar to what was seen on July 16. Each time the market bottomed within a short time period following the inflows. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/e24b8946-9622-4c27-8db8-884faaa76d77.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin price vs. exchange inflows. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IzzyEibani\/status\/1418255094097776640\/photo\/1\"><em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n<p>If the market unfolds in a similar fashion to the historical pattern, there is a strong possibility that the recent drop to $29,500 may have been the bottom.<\/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\/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29-500\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 3 reasons why traders think Bitcoin price bottomed at $29,500 &#8221; Traders are showing a renewed sense of hope after Bitcoin (BTC) price held onto the $32,000 range for what could be the second day in a row.\u00a0 Data from Cointelegraph Markets Pro and TradingView shows that bulls have managed to regroup at the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":305968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMjgxYTZjNzctODBhZC00NGRiLTkxNTgtMDBkM2Y3NzE5YzNmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81951,74937,74863,73785],"class_list":["post-305967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-cryptocurrencies","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305967","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=305967"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/305968"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=305967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=305967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=305967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}