Many analysts believe that bitcoin has already received significant support and the fate of the market in this area will be determined. In addition, the Luna Foundation, which recently bought another $ 100 million in bitcoins, lost $ 200 million in total investments in bitcoins after recent price declines.
According to the Telegraph, bitcoin has kept traders nailed this week; Because its main defenses are about to break.
Market data shows that after several tests at the $ 40,000 level, the levels below remain almost intact.
The declining trend of bitcoin today is partly influenced by macroeconomic conditions, and this decline has led to the $ 40,000 level to have many conflicts during this period. Bitcoin prices have fallen as technology companies have fallen, losing almost all of their profits since the second half of March.
Now, the $ 30,000 to $ 40,000 range is again a short-term target, and Bitcoin may see a repeat of the first quarter of 2022.
One of the levels of support that has worked so far is the $ 39,600 level, which, although violated several times, buyers can still show their strength in this area.
Renowned analyst Scott Melker wrote on Twitter:
The main levels of bitcoin are currently $ 45,500, $ 42,000 and $ 39,600.
Analytical website Whalemap said on Tuesday that if the price falls below $ 39,600, the areas where whales will buy are likely to act as support for bitcoin.
Meanwhile, Crypto Ed, another popular market analyst, sees $ 38,600 as a short-term target and the area in which the bitcoin boom is beginning. This shows the disagreement of different people about the rate of decline of bitcoin.
As previously reported, Arthur Hayes, former CEO of the BitMEX trading platform, predicts that the world’s largest digital currency will reach $ 30,000 in June.
Kevin Swenson, an analyst and digital currency trader, also uses the 600-day simple moving average (SMA 600 – blue line in the image below) as a key level of support for bitcoin for long periods of time. The line can mark an important event.
Bitcoin has not registered a single daytime candle below the usual 600-day moving average since the fall of the Crown epidemic. In addition, this index has been very strong support for bitcoin since mid-January. The 600-day moving average is currently priced at $ 39,250.
Despite falling prices, the new buyer of bitcoins continues to work as before. Portfolio data from the Luna Foundation (LFG), a non-governmental organization linked to the Terra blockchain, added another 2,500 bitcoins worth about $ 100.4 million to its reserves on Wednesday.
This means that the Luna Foundation now owns 42,400 bitcoins worth approximately $ 1.704 billion and only 800 bitcoins less than Tesla’s reserves.
However, the purchases of the Luna Foundation have an impact on them. Tera, which previously made $ 200 million in its bitcoin reserves, has now lost nearly $ 100 million due to falling digital currency prices.
However, Luna Foundation’s portfolio is now the 18th largest bitcoin whale, and as Ter Do Kwon co-founder confirmed, their reserves are set to grow steadily to provide the financial support needed for ever-growing supply. Hold a USTR coin.
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