Bitcoin Market Analysis: Only 27% of Bitcoin’s circulating supply has moved in 2020. BTC/USD falls below $9,100.
- 27% of Bitcoin’s circulating supply has moved this year, while the remaining 73% has been dormant.
- Some experts forecast that Bitcoin will soon break down and start a new downtrend.
- BTC/USD bears take price below $9,100.
Only 27% of Bitcoin’s circulating supply has moved this year, according to a NewsBTC report. This means that 73% of the supply has been dormant, with active traders utilizing margin, options and futures likely being the source of all of BTC’s volatility.
Rafael Schiltze-Kraft, the CTO of Glassnode, took to Twitter to comment on the news.
Speaking of HODLing...
— Rafael Schultze-Kraft (@n3ocortex) June 30, 2020
Only 27% of the circulating #Bitcoin supply has moved in 2020.
That's right, 73% of all bitcoins in existence (~13.5M $BTC) have been dormant since 2019 and before.https://t.co/redga0JINT pic.twitter.com/F5y1Y6QfP0
Bitcoin’s last few weeks of consolidation have led several experts to forecast that the cryptocurrency will soon break down and start a new downtrend. Some of the factors supporting this narrative include the triple top at $10,500, the consecutive rejections it has posted at $10,000, and the lower highs it has been establishing.
BTC/USD daily chart
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BTC/USD dropped from $9,237.03 to $9,096.40 this Thursday. The bears are in full control of the market, following a bullish Wednesday. In the process, the sellers have entirely taken away all the gains that the buyers made this Wednesday. The Elliott Oscillator has had two straight green sessions, while the RSI is floating around the neutral zone.
Support and Resistance
BTC/USD faces strong resistance at $9,237, $9,293, $9,312.35 (SMA 20) and $9,424 (SMA 50). On the downside, healthy support lies at $9,000.45 and $8,904.20
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
