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What is currently happening with the Bitcoin price?

July 4, 2020

“When moon? (For when the moon?)” Is a phrase that is widely used in various groups and discussion rooms of the crypto-ecosystem when talking about the Bitcoin market against fiat money. In this context, To understand what is happening to the price of BTC, Cointelegraph consulted in Spanish in Argentina Camilo Rodríguez Blanco, Professor of Commerce at CryptoResourcesto have a clearer picture.

“In every market and trend, it is very important that real organic movements do not occur immediately,” he said.

“We would all love the price to skyrocket immediately, but the current $ 9,000 to $ 10,000 lateralization leaves many unsure,” he added later.

What is currently happening with the Bitcoin price?What is currently happening with the Bitcoin price?

A central question is: What is currently happening with the Bitcoin price and what market narrative are we in after the halving?

Camilo Rodríguez Blanco said: “In 1910, Richard Wyckoff (dealer specialized in market cycles) discussed in Wall Street magazine that every market had causes, efforts and results. This applies to all markets. In the world of crypto assets, there is high volatility caused by altcoins (alternative coins other than Bitcoin) with little liquidity. ”

Although he then clarified: “The same applies to the Bitcoin market. Institutional capital is struggling to find liquidity in order to trade up or down.”

In the following graphic he noted that we can log weekly candles logarithmically:

And he explained: “If you go up the scale, each area represents a multiple of the previous one, so the top areas of the chart represent a lot more money than the bottom areas.

He then invited to observe a general swing (halving) since July 11, 2016:

And he pointed out: “The 10,000 are a market barrier, but also a psychological number that affects how the masses benefit from their operations. This barrier is currently observed at $ 10,440 (area with multiple declines). “

“The interesting thing about this weekly narrative is that in a bullish movement that is lateralizing and shows inactivity on the part of the institution, we can see a decreasing volume and a falling price,” he added.

The market corrections for this trading capacitor are cyclical and this graph leads us to fall in BTC to the range of USD 7,069, the sector identified with the Fibonacci retracement, with past movements being valued after halving.

“Those who are not involved in market speculation but are interested in understanding the situation of Bitcoin should know that we are in a second phase of accumulation, so this correction would not be as profound as the breaker, the Bitcoin to $ 3,900, “he said.

On the other hand, he explained that the market sentiment is no longer neutral given the fundamental analysis and is turning 42 points in the fear zone.

“The network’s on-chain analysis shows that long transactions in BTC and even more bearish signals like the Bitcoin mempool, which has had transaction maxima that have been getting lower and lower since 22, declined by 1.13% in June (at which point the Market from $ 9,786 to $ 8,818), “he said.

In conclusion, he made the following considerations: “The analysis is much deeper than shown in this summary. Informing yourself is the key to understanding the market phases we are in and how this works not only based on the technical analysis but also on the use of the network and how blockchain shows us fully transparent data to validate our positions ”, did he remember CryptoResources you have a varied range of training.

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