Traders long-term thesis for Bitcoin remains intact, but BTC’s repeat rejections at the $31,800 yearly high are increasing the chance of a price breakdown to the $27,500 level.
For the past month, BTC/USD has been holding within a tight consolidation range. Support for this range appears around the $29,500 level. A daily close beneath support could open the path to a further move downward toward $27,500.
However, volumes have been declining, suggesting that perhaps the recent spike downward could be less bearish than it seems. If volume picks up amid another pullback, the bears could easily take control of the market.The Capriole Investments report cited earlier emphasizes that “price is only half the picture.”
also come into play. Among those most worth considering might be metrics that pertain to questions such as:How does overall market sentiment and the macro environment impact Bitcoin?The Capriole Bitcoin Macro Index is an aggregate measurement of 40 fundamental Bitcoin variables, including on-chain, macroeconomic and equity market metrics. All factors have been combined into a single machine learning model.
Perhaps most importantly of all, the hash rate has risen by 50% in the last six months alone. This suggests that the Bitcoin network is stronger than ever and continuing to grow at a lightning-fast pace. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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