Chinese tech Tencent falls under 6% while Bitcoin is closer to $38K than to its hoped support at $40K, in a day of presumably thin liquidity due to Wall Street’s time off.
a multi-leg downtrend continuing, with $40,000 forming the target of a relief bounce before another dive ensued, this even having the potential to take out $30,000.
“If we somehow manage to get back above $40,000 and go up, then I’m bullish; otherwise not,” he concluded, adding that it would take a “miracle” for such a bullish case to come true. To the downside, a silver lining came in the form of increasing bids at $37,000 appearing on the Binance order book as BTC/USD drifted lower.
from monitoring resource Material Indicators further highlighted large transactions staying fairly constant, indicating institutional-grade investors maintaining interest in BTC exposure.“Some bid liquidity in the $20k range has faded upward to the $30s, but want to see a bigger concentration of bids to get market buyers off hands,” Material Indicators creator Material Scientist added in comments on a chart showing the latest action.
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