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Bitcoin Price Looks To Hold Above $3,000

ยท in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Although there are several experts predicting Bitcoin (BTC) to fall under $3,000 it might not happen. According to the CEO of Three Arrows Capital, Su Zhu, there are several buy walls close to $3,300 that could make it difficult for the price to drop under these levels. In a recent Tweet, Mr. Zhu showed a chart with the buy walls.

Bitcoin Price Stabilizes Around $3,400

Another day passed in which Bitcoin remained stable around $3,400. During the last days, the popular virtual currency stabilized between $3,300 and $3,600 remaining close to $3,400. Although the price remained stable, during the last week, there are some experts that believe that Bitcoin could keep dropping in the coming days.

Nevertheless, this might be more complicated than expected. The CEO and CIO of Three Arrows Capital explained that buy walls on Coinbase are now the largest since mid-2015. The situation repeats itself in other exchanges such as Bitstamp.

He went on saying that in order to break the $3,300 level, investors will have to pass these buy walls around $3,300. However, it is also possible that these order walls could be moved by investors once they see that a large number of sells start to take place around that level.

On the matter, he commented:

“To break lower will require filling these fiat-backed bids. Either ) more BTC borrow to come online 2) KYC-able off-ramp selling. Derivatives selling will just lead to funding becoming very negative as it has been.”

Furthermore, Bitcoin’s trading volume has also been decreasing during this weak. In order to see a sell-off, the volume would have to increase in the coming days. This volume drop shows that the selling pressure has also been reduced in the last few days.

Bitcoin does not look like recovering in the near future. At least, this is what other analysts say. Bitcoin must break from this bear trend in which it is since the beginning of the year. According to Bloomberg Intelligence’s analyst, Bitcoin could fall down to $1,500 before starting a new bull run.

At the time of writing, Bitcoin is being traded around $3,415 and it has a market capitalization of $59.49 billion.

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