Weekly Digest:Bitcoin gets support around $30K

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Key events 21/06/21 - 27/06/21



Last week, Bitcoin retested the strength of the support level around $30,000 per coin. And even though prices hit the low seen at the end of May again, there was no further decline. We saw lots of buyers around $30,000, which quickly raised the price per BTC to around $35,000.

The week's top growth leaders:

  • Ethereum/Tether (ETHUSDT) 14.9%
  • Chainlink/Tether (LNKUSDT) 13.8%
  • Stellar/Tether (XLMUSDT) 12.1%

In the news:

China continues to crack down on the crypto world, strengthening its actions toward miners, exchanges, crypto users and even banks by limiting Bitcoin transactions. As a result, Bitmain Technologies, the world's largest Bitcoin mining machine manufacturer, stopped sales worldwide due to the restrictions put in place by Chinese authorities.

Analysts at JPMorgan Chase expect Bitcoin to fall to around $23,000 per coin in July.

This week's ones to watch:


Bitcoin

Bitcoin is trading around $30,000 per coin and, on a technical level, has every chance of trying to drop below it again in the short term. However, it's unlikely to remain at these low levels, which provides good buying opportunities in the longer term.

Here are 3 reasons for that:

  • China's restrictive measures are unlikely to lead to a significant decrease in the use of cryptocurrencies around the world.
  • Chinese miners are relocating to other countries but will only be able to restore the lost hashrate to the market in the long term.
  • A shift in the balance between supply and demand may already shift to a supply deficit in the short term.
    • Fig. Bitcoin hashrate. Source: Glassnode

Seize the opportunity and enter a position at the right time.

Open a position in Bitcoin now

DISCLAIMERBitcoin is trading around $30,000 per coin and, on a technical level, has every chance of trying to drop below it again in the short term. However, it's unlikely to remain at these low levels, which provides good buying opportunities in the longer term.

Here are 3 reasons for that:

China's restrictive measures are unlikely to lead to a significant decrease in the use of cryptocurrencies around the world.

Chinese miners are relocating to other countries but will only be able to restore the lost hashrate to the market in the long term.

A shift in the balance between supply and demand may already shift to a supply deficit in the short term.

Fig. Bitcoin hashrate. Source: Glassnode

Seize the opportunity and enter a position at the right time.

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