Looking to Buy Bitcoin BTC After Last Week’s Flash Crash
Cryptocurrencies have been making higher lows and higher highs since the beginning of this year, indicating that they are on a bullish trend. Although, that’s too weak compared to the decline the crypto market experienced since November 2021, so they’re not out of the water yet. Bitcoin approached $32,000 by the middle of July, but it has been retreating since then, falling below $30,000 and eventually below $29,000.
Although the flash crash in the crypto market was the hardest for buyers, as it sent the price of BTC below $25,000 briefly. BTC experienced a sharp decline, falling below the $26,000 mark on Thursday. Friday was a bearish day too, but BTC didn’t make new lows. This drop in value was attributed to the escalating crisis in China’s real estate industry with Evergrande filing for bankruptcy. Additionally, there was a report indicating that SpaceX, the aerospace company, had sold off a portion of its Bitcoin holdings.
Evergrande which is a prominent Chinese real estate developer burdened with liabilities exceeding $340 billion, has initiated the process of seeking bankruptcy protection within the United States. It’s noteworthy that Evergrande had already defaulted on its debts denominated in U.S. dollars two years ago.
The trading activity for Bitcoin and other cryptocurrencies had declined since July which seems to have exaggerated the moves as Bitcoin traders liquidated approximately $1 billion worth of positions on Thursday alone. according to data from Coinglass.
Adding to the prevailing negative sentiment among investors, Binance declared the discontinuation of its cryptocurrency payment service, Binance Connect, on Wednesday. Formerly recognized as “Bifinity,” Binance Connect served as a pathway for fiat-to-crypto payments on the exchange, enabling users to purchase cryptocurrencies using Mastercard and Visa. Although the 200 SM A (purple) which turned into support in June held again last week while the stochastic indicator is getting oversold, so we are thinking about opening a buy BTC signal around here.
Bitcoin BTC Live Chart
[[BTC/USD-graph]]
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