Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin fails to hold $36,000, continues to trade in range

CryptocurrencyJun 30, 2021 08:24AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Samuel Indyk

Investing.com – Bitcoin failed to hold a break above $36,000 on Wednesday in a relatively quiet day in terms of news for the world’s largest cryptocurrency.

After trading above $36,000 for the first time since 20th June on Tuesday, the coin fell back below $35,000 as traders await the next catalyst for a move.

Technicals

Traders may be focusing on a clean break to the upside of the 21DMA at $35,650 as a positive signal, before a test of the 50DMA which is around $37,800. A break above that level and the psychological $40,000 handle will come into play, before the 200DMA, which resides around $43,800.

On the downside, $34,000 continues to act as near term support and if that gives way, the $30,000 level will come into focus again, after Bitcoin tested that level on Saturday.

The stabilisation in Bitcoin comes following a raft of negative news over the last two weeks which sent Bitcoin lower, beginning with the crackdown on mining in China and Elon Musk saying Tesla (NASDAQ:TSLA) would stop accepting Bitcoin over its energy usage.

One thing markets will be aware of in the coming weeks is the expiry of the lock-up period in the Grayscale Bitcoin Trust (OTC:BCHG), which JPMorgan (NYSE:JPM) analysts last week said could be a downside risk.

The analysts at JPMorgan see some investors selling some of their shares, leading to downwards pressure on GBTC and on Bitcoin more generally.

However, for now, Bitcoin appears stuck in the $30,000-$40,000 range, which it has traded in for the last few weeks, apart from a few hours either side.

 At 13:13BST, Bitcoin was trading around $34,980, down around 1.7% in the last 24 hours.

Bitcoin fails to hold $36,000, continues to trade in range
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
David Sather
David Sather Jun 30, 2021 10:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Scam hustle pyramid pump n dump
alex gallegos
alex gallegos Jun 30, 2021 10:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pump and dump all year long. People are really buying into it.
Ron Love
Ron Love Jun 30, 2021 8:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The big sale continues, buy.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email