Bitcoin Market Update: BTC/USD drops below triangle formation. BTC holders vow to “HODL to the grave”
- Peter Schiff asked how long BTC should stay under $10k before investors sell their holdings.
- A whopping 57.7% said they would be taking their Bitcoin to the grave.
- On the other hand, only 15.1% showed their intent to sell after one year.
- BTC/USD bears retained control as the price dropped below the triangle formation.
A recent Twitter poll conducted by Peter Schiff, a famous BTC critic, shows that most people will HODL their Bitcoin holdings to the grave if the coin’s price fails to move beyond the $10,000 mark. So far, Schiff has yielded responses from more than 23,113 Twitter users.
He asked Bitcoin users how long the BTC price should stay below $10,000 for them to sell their coins. A whopping 57.5% said they would be taking their bitcoin to the grave. On the other hand, only 15.1% showed their intent to sell after one more year.
This quiz is for Bitcoin HODLers. How much longer does the price of #Bitcoin have to stay below $10,000 before you will throw in the towel and sell?
— Peter Schiff (@PeterSchiff) July 14, 2020
This twitter poll is another transparent another attempt by Schiff to criticize the flagship cryptocurrency. Earlier this month, he asked his followers what they think is likely to happen to the prices of Bitcoin and gold. The majority of the respondents predicted that both assets would continue to go up.
BTC/USD daily chart
BTC/USD went down from $9,191.60 to $9,189.85 in the early hours of Thursday as the bears retrained control. The price has dropped below the triangle formation and is sitting on top of the SMA 20 curve. The Elliott Oscillator has had two straight red sessions, while the RSI is trending around the neutral zone.
BTC/USD has strong resistance levels at $9,400 (SMA 50), $9,435 and $9,690. On the downside, healthy support lies at $9,188 (SMA 20), $9,138 and $9,020.
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.
