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...

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
— Rafael Schultze-Kraft (@n3ocortex) June 30, 2020

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

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

BTC/USD

Overview
Today last price	9094.49
Today Daily Change	-142.83
Today Daily Change %	-1.55
Today daily open	9237.32

Trends
Daily SMA20	9333.61
Daily SMA50	9427.07
Daily SMA100	8488.63
Daily SMA200	8357.52

Levels
Previous Daily High	9298.41
Previous Daily Low	9090.13
Previous Weekly High	9786.22
Previous Weekly Low	8988.56
Previous Monthly High	10404.88
Previous Monthly Low	8823.34
Daily Fibonacci 38.2%	9218.85
Daily Fibonacci 61.8%	9169.69
Daily Pivot Point S1	9118.83
Daily Pivot Point S2	9000.34
Daily Pivot Point S3	8910.56
Daily Pivot Point R1	9327.11
Daily Pivot Point R2	9416.89
Daily Pivot Point R3	9535.38

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