The Bitcoin price saw a significant increase, fueled by Ripple’s victory in its legal battle with the SEC. The BTC price even approached the $32K threshold, but a decrease in buying pressure caused a substantial decline. Bitcoin’s bullish momentum took another hit recently when the price dipped below the $31K mark, and the cryptocurrency is currently struggling to maintain its momentum. This development has left investors and market watchers speculating about the next level of support for the Bitcoin price.
Bitcoin bulls need to work harder
Bitcoin price movements are re-solidifying support after the rapid gains experienced the day before. The Bitcoin price immediately responded to the news that a US judge had endorsed the idea that the altcoin XRP does not qualify as a security.
The markets interpreted this as a setback for the Securities and Exchange Commission (SEC), which has been trying to classify altcoins as securities across the board in recent months.
The Bitcoin price has fallen below $31,000, fueling bearish bets among traders. The inability to sustain momentum at $31K clarifies why bullish traders chose to lock in their gains.
Aggregate open interest for Bitcoin options on Deribit for July 15 indicates a put-to-call ratio of 1.16, highlighting the difference in open interest between the $339 million call and put options of $398 million. The maximum pain point is set at $31,000, with sellers betting heavily on a drop to $30,000 by tomorrow.
The Bitcoin sell-off chart reveals that bullish traders exited their positions as Bitcoin fell below the $31K mark. This led to an increase in the long sell-off to $30M, putting downward pressure on the price chart and reinforcing the bearish prediction of a drop to $30K.
What’s next for the BTC price?
Bitcoin managed to break out and establish itself above the $31,000 resistance level, but the bulls are finding it difficult to sustain this momentum. This indicates that the bears are still in the game, selling at higher levels. At the time of writing, the BTC price is trading at $30,220, falling more than 4% in the last 24 hours.
While the rising moving averages suggest a buyers market, the RSI is showing a bearish divergence from its downtrend, suggesting possible weakening in bullish momentum.
The bears will try to drag the price below the $30K level. If successful, the BTC price could drop to the crucial $29,500 level. This is a crucial level to monitor. A rally from this point would imply that market sentiment remains positive and traders are buying on price dips. An increase above $32,500 could pave the way for a possible increase to $40,000.
Conversely, a break and close below $29,500 will intensify the selling pressure. For the bears to gain control in the short term, they should send the price to $27K.
This post Bitcoin Loses Buying Pressure As It Crashes Hard: Here’s Why $30K Is Imminent For BTC Price
was published first on https://coinpedia.org/bitcoin/bitcoin-loses-buying-pressure-as-it-crashes-heavily-heres-why-30k-is-imminent-for-btc-price/
