{"id":1891,"date":"2022-02-03T07:00:22","date_gmt":"2022-02-03T07:00:22","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1891"},"modified":"2022-02-07T05:57:12","modified_gmt":"2022-02-07T05:57:12","slug":"bitcoin-btc-threatened-by-another-slide%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-threatened-by-another-slide%ef%bf%bc\/","title":{"rendered":"Bitcoin (BTC) Threatened by Another Slide"},"content":{"rendered":"\n<p>Bitcoin (BTC) may be threatened by another slide, as bids to support current positions disappear. <a href=\"https:\/\/tradersofcrypto.com\/news\/can-bitcoin-btc-recover-above-40000%ef%bf%bc\/\">BTC only touched $39,000 briefly<\/a>, then slid again to $36,938.40. Renewed predictions see another dip under $29,000 and possibly an extension of the \u201ccrypto winter\u201d period.\u00a0<\/p>\n\n\n\n<p>BTC at current prices is not a definite buy, though it is not in bubble territory as well. The latest challenge is to see if there is enough support for a rally above $40,000. In the short term, however, selling may only stop around $35,000, based on order book analysis.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><br><br>Price didn&#39;t reach 40k as expected and it has broken the 38k support. Next support is 35k. Below that, it will probably go below 30k.<br><br>Be careful with setting bids just below 30k because the liquidation cascade could be big and reach low 20ks. <a href=\"https:\/\/t.co\/HQnQghiEbC\">https:\/\/t.co\/HQnQghiEbC<\/a><\/p>&mdash; il Capo Of $NOIA (@CryptoCapo_) <a href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1488926188278063111?ref_src=twsrc%5Etfw\">February 2, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The price slide comes a day after relatively optimistic price moves took B<a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-jumps-at-monthly-close-altcoins-recover\/\">TC and altcoins on a brief rally<\/a>, giving hopes for the start of a recovery.\u00a0<\/p>\n\n\n\n<p>The latest price moves add to the narrative where the trend is for a decreasing price at least in the near future.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I guess everyone is watching this trendline.<a href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$btc<\/a> <a href=\"https:\/\/t.co\/s5GU87fne2\">pic.twitter.com\/s5GU87fne2<\/a><\/p>&mdash; Bitbit.BTFD (@BitBitCrypto) <a href=\"https:\/\/twitter.com\/BitBitCrypto\/status\/1488556404751409153?ref_src=twsrc%5Etfw\">February 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC also lost some of its market cap dominance and is down to 41.1% of the total market capitalization, while the <a href=\"https:\/\/tradersofcrypto.com\/coins\/ethereum\/\">dominance of Ethereum (ETH)<\/a> recovered somewhat above 18%. Altcoins that regained their positions are still looking shaky and losing about 5% in the past day.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"microstrategy-buys-the-dip-again\"><strong>Microstrategy Buys the Dip Again<\/strong><\/h3>\n\n\n\n<p>Despite bearish predictions, this latest price dip did not prevent MicroStrategy from buying. The announcement coincided with news of a large whale wallet recently completing orders and growing its balance.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a>. As of 1\/31\/22 we <a href=\"https:\/\/twitter.com\/hashtag\/hodl?src=hash&amp;ref_src=twsrc%5Etfw\">#hodl<\/a> ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MSTR<\/a><a href=\"https:\/\/t.co\/bF6VImC0Qy\">https:\/\/t.co\/bF6VImC0Qy<\/a><\/p>&mdash; Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1488498422495817728?ref_src=twsrc%5Etfw\">February 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The address with a balance closest to that of MicroStrategy is the third-largest wallet in Bitcoin history. The third-largest wallet holds a balance of above 126,000 BTC, but some consider it to coincide with the real balance of MicroStrategy.\u00a0<\/p>\n\n\n\n<p>At current prices, MicroStrategy is in the money, having no incentive to sell. According to buying logs, the average price of the acquisition is still below current valuations.\u00a0<\/p>\n\n\n\n<p>BTC trading attitudes remain bearish overall, with fear prevailing. At the same time, there are signs of preparation for a new rally, with funding rates for leveraged trading increasing since the final days of January.<\/p>\n\n\n\n<p>The final price move is hard to predict, as even the accumulation of short positions in expectation of a price drop can have the opposite effect. One of the potential scenarios is a short squeeze where the price goes up suddenly and liquidates short positions.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> at somewhat crippling resistance. Funding rate in the negative suggest a ton of shorts on the go.<br><br>Does this open the possibility of a short squeeze?<\/p>&mdash; Jedi Hornet (@jedihornet) <a href=\"https:\/\/twitter.com\/jedihornet\/status\/1488841960161001475?ref_src=twsrc%5Etfw\">February 2, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC trading volumes, however, remain on the low side, falling to 18B in the past 24 hours. Currently, BTC trading is only about 25 to 30% of peak volumes.&nbsp;<\/p>\n\n\n\n<p>The supply of Tether (USDT) has also stopped growing since the last peak above $60,000 and stagnated just under 78B tokens. BTC trading now also depends on other dollar-fixed coins, including Binance USD (BUSD) which makes up around 8% of all BTC trading activity. More than 18% of BTC trading is against the USD in direct pairings and about 51% in BTC\/USDT pairs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"will-btc-have-another-rally\"><strong>Will BTC Have Another Rally<\/strong><\/h3>\n\n\n\n<p>The expectation for BTC is to reach lows and bounce to a new all-time high, this time at around $80,000. BTC is still far from the next halving of the block reward, but scarcity is driven by older accounts holding coins, as well as withdrawals from exchanges.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Zoom out,<br>Relax,<br><br>and enjoy the road to $80k.<br><br>Because it&#39;s about to begin. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/t.co\/VGFBhvx50W\">pic.twitter.com\/VGFBhvx50W<\/a><\/p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/1483710107720597506?ref_src=twsrc%5Etfw\">January 19, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC miners hold one of the highest balances in history, with no pressure to sell all coins to cover costs. In the past years, BTC mining rigs also became more efficient in testing block header numbers, while mining farms found cheaper, renewable sources of electricity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"interest-in-nft-surpasses-mainstream-crypto-searches\"><strong>Interest in NFT Surpasses Mainstream Crypto Searches<\/strong><\/h3>\n\n\n\n<p>One of the trends of 2021, NFT collections, has continued to grab mainstream attention. While BTC investment is open to almost anyone across the globe, NFT items have much higher appeal on social media.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">First time in history NFT search volume is higher than Crypto. Asia region growing interest in NFT are insane\ud83d\udd25 Source: google search trend worldwide \ud83c\udd98 <a href=\"https:\/\/t.co\/r613yllMaY\">pic.twitter.com\/r613yllMaY<\/a><\/p>&mdash; 9x9x9\ud83c\udd98 (@9x9x9eth) <a href=\"https:\/\/twitter.com\/9x9x9eth\/status\/1486470171841683460?ref_src=twsrc%5Etfw\">January 26, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>NFT collections can be traded and serve as exclusive clubs that mop up the value of some coins and tokens. During what looks like crypto winter, not all assets leave the market, and instead, some are parked into new startups.\u00a0<\/p>\n\n\n\n<p>NFT go beyond images, can be stored in the most widely available wallets, and some items can be used within games. For now, mainstream games have rarely added NFT items, mostly due to concerns about long-term availability and storage.\u00a0<\/p>\n\n\n\n<p>Despite fears of a bear market, new collections still sell, with a special interest in Solana-based NFT items.\u00a0<\/p>\n\n\n\n<p>However, storing and using NFT can be risky, with multiple attacks and malware attempting to steal the items. One source of attack are sites that connect to MetaMask and other browser extension wallets, then manage to extract all NFT within the wallet.&nbsp;<\/p>\n\n\n\n<p>While NFT trading can lead to gains, some collections also experience a rapid drop of the item floor price, suggesting demand has disappeared and all owners try to sell their items.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) sank under $37,000 again on Thursday, with signs of a potential ongoing slide to $30,000 or below.<\/p>\n","protected":false},"author":3,"featured_media":1892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12,6,4],"class_list":["post-1891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-btc","tag-eth","tag-ethereum","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1891"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1892"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}