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Bitcoin (BTC) Price May Bottom At These Possible Levels – Here’s When Traders Are Buying The Dip

16 Jul, 20222 min readBitcoin
Bitcoin (BTC) Price May Bottom At These Possible Levels – Here’s When Traders Are Buying The Dip

In the past few days, Bitcoin had fallen victim to the bears and dropped below the $20,000 level for a considerable amount of time. But as of the time of writing, the coin had risen past $20,000. The state of the market is still fragile, and the price of BTC may once again drop below the significant support.

The levels of overhead resistance were $21,000 and $22,000, respectively. BTC will drop to the $19,000 area and subsequently to $17,000 if its price drops from its current trading level. BTC’s bearish momentum may be proved invalid with an increased buying momentum.

Will BTC Price Touch The $10,000 level?

According to Wu Blockchain, 8 percent of the 2,200 respondents in a survey on the Chinese social media site Weibo said they would buy bitcoin if the price reached $18,000. While 26% of those surveyed would rather wait until BTC reaches $15,000. However, the majority believed the price will fall much more, with 40% stating they would purchase Bitcoin at $10,000.

In a survey of more than 2,200 people conducted in Chinese crypto community on Weibo, 8% of the voters believed that Bitcoin and Ethereum could be buy the dip when the price reached $18000/1000; 26% will buy in $15000/800; 40% will buy in $10000/500. — Wu Blockchain (@WuBlockchain) July 14, 2022

It’s interesting to note that a different study by Bloomberg MLIV Pulse earlier in July had a similar result, with 60% of the net 950 Wall Street respondents asking for a $10,000 Bitcoin price.

The results of the two surveys reveal a startling similarity in the negative attitudes of cryptocurrency investors in China and the United States. However, on-chain activity reveals that since June 2022, American investors have been more positive about Bitcoin than their Asian counterparts.

In particular, only U.S. sessions have seen positive changes in the price of Bitcoin, which reflects the 30-day shift in the regional BTC price. Data from Glassnode reveals that, in contrast, the metric has only been negative during Asian trade hours.

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