Bitcoin’s rally to $40,000 and above has indeed stalled as the coin rather got range-bound in the $30,000 area for some time. However, the fall continued with the price of the coin even dipping below $30,000. The $30,000 mark seemingly set as a rather solid one.
However, The fall to the $20,000 range was short-lived as the price of Bitcoin rebound rather quickly, and it seems that the drop was not enough to scare off the new investors. The investors that have come to bitcoin in the recent rally have been very much group as large institutions, but they are hungry for more.
AS Bitcoin has been falling, the likes of MicroStrategy, a recent big buyer of Bitcoin have shown their desire to accumulate, and buy these dips.
MicroStrategy, well known for its ever-increasing Bitcoin treasury, confirmed that it had purchased 314 BTC to bring its total hoard to 70,784 BTC.
After the fall below $30,000 buyer interest helped Bitcoin boost again as data showed a stronger trading day for BTC/USD on Friday, with daily gains at 8.5%. This is important as a floor just below $30,000 seems critical to stopping Bitcoin plunging even further.
According to Whalemap, $29,000 is crucial to hold in order to avert a further price dip on BTC/USD, one that could take the pair closer to $20,000. Falling below $28,727 and consolidating there will give us another big drop to at least $23,818,” a series of tweets explained.
“Not many supports below $28,727 right now, so if we start consolidating there, it will probably bring BTC all the way to at least $23,818,” co-founder Artem Lazarev told Cointelegraph.
“$23,818 is not super strong but nevertheless should provide time for BTC to reassess the situation. Otherwise, $19,322 is super strong and a level for which big guys are setting their stop losses probably.”