Bitcoin will erase earnings in 2021 as BTC worth falls on Binance’s “largest bid ever” – Cointelegraph
Bitcoin (BTC), which broke below $ 30,000, cost it almost all of its profits from the 2021 bull run – but a historical silver lining is poised to save bulls.
Data from the order book of the Binance crypto exchange confirms that BTC / USD has almost dipped into the strongest support zone ever seen.
BTC price reaches “highest bid ever”
It’s been a tough 24 hours for Bitcoin hodlers, and the escape doesn’t seem over yet. After shedding 6% overnight, BTC / USD hit lows of $ 29,300 – $ 300 below its level at the beginning of the year.
With that, Bitcoin is de facto back to where it began before the most intense period of its most recent bull run kicked in, even though it hit high highs of $ 64,500 just three months ago.
Those who fear that all is lost – at least in the short term – can be happy to find that the same level is currently the biggest Bitcoin bid of all time.
As announced on July 20th by “Material Scientist,” the creator of the Monitoring Resource Material Indicators, BTC / USD is now supported by unprecedented demand.
“We have just reached the greatest offer of all time,” summarized Material Scientist.
“It would take some massive FUDs to break it. So I think an uptrend is more likely.”
However, the idea that Bitcoin will drop below current levels is anything but a fantasy for traders, as predictions of USD 24,000 or even an “Armageddon scenario” of USD 14,000 are floating around online.
Additional order book data from Binance shows relatively little resistance between the spot price and $ 35,000, which could facilitate the development of a rebound.
BTC / USD buy and sell level (Binance) as of July 20th. Source: Material Indicators / Twitter
At the time of writing, Bitcoin was circling around $ 29,700 as relative stability returned to the market.
“Parabolic” smaller Hodlerfest
Meanwhile, the latest numbers on investor activity related to Bitcoin have produced some surprising results.
As statistician Willy Woo noted on July 20, it is now the smaller hodlers who pile up BTC, even as the largest whales separate from their populations.
Related: Rothschild Investment Corp has increased its Bitcoin exposure by 300% since April
“Little little fish get parabolic,” he commented.
“This is the ratio of 0-10 BTC offerings to 100+ BTC (dolphins to humpback whales) holders. PS. Little boys hold 32% of what the big ones hold, and that doesn’t even include their loot on the exchanges or ETFs. “Bitcoin investor ratio chart. Source: Willy Woo / Twitter
This makes 2021 more similar to 2013 than 2017 in terms of the years after the bull runs were halved, a common narrative of the past few weeks.