tl;dr
VanEck remains optimistic as Bitcoin (BTC) price continues to nosedive in the aftermath of woes around the German government and Mt. Gox. Market corrections are a dreaded scenario, spelling fear among traders. While the otherwise “weak hands” cower, the bold lot seize the opportunity to grow their b...
VanEck advises traders to buy Bitcoin during market panic, seeing the price drop as a 'buy the dip' opportunity. Elevated fear levels and significant liquidations observed amidst ongoing Bitcoin market woes. Ongoing sell-off between Mt. Gox and the German government stirs the market, drawing criticism from Bitcoin activist Joana Cotar. Whales are buying the dip and opening long positions, indicating optimism for the future of Bitcoin.
Analysis suggests a potential price reversal at the $47,000 range, creating a demand zone for Bitcoin. VanEck remains optimistic as Bitcoin (BTC) price continues to nosedive in the aftermath of woes around the German government and Mt. Gox. Market corrections are a dreaded scenario, spelling fear among traders. While the otherwise “weak hands” cower, the bold lot seize the opportunity to grow their bags.
Describing the ongoing Bitcoin crash as “4th of July discounts,” VanEck sees BTC price falling to the $53,000 range as a ‘buy the dip’ opportunity. On-chain platform Santiment shares the sentiment, urging bold traders to seize the moment.
Amid the negative market sentiment, crypto researchers observe elevated fear levels. This is warranted as many traders suffer losses. Hundreds of thousands are getting “rekt” amid an ongoing bloodbath. Derivative data analysis platform Coinglass reports over $650 million in total liquidations.
All indications point to the ongoing sell-off between Mt. Gox and the German government, with their voluminous transactions stirring markets. German lawmaker and Bitcoin activist Joana Cotar slammed the government for its “hasty” actions selling Bitcoin, urging the state to hold Bitcoin as a reserve currency.
Meanwhile, Ki Young Ju, co-founder and CEO of CryptoQuant, suggests that whales are buying the dip and effectively becoming true contrarians, opening long positions. CryptoQuant’s Young Ju shares optimism, indicating that the ongoing correction could bottom out around the $47,000 threshold, urging spot traders to wait for a strong buying trend.
Looking at the weekly chart for the BTC/USDT trading pair, there is a demand zone around the $47,000 range, creating a potential support level for a price reversal.
More about United States Steel Corporation
Company: United States Steel Corporation
Business Focus: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Headquarters: Pittsburgh, Pennsylvania
Revenue: $8,757,907,000
Stock Price: $11.26
Price Change: $0.2
Price Change (%): 3.46%
Relative Strength Index (RSI): 79.23
Bollinger Bands: 0.0489
Market Cap: $17,743,000,000
50-Day Moving Average: $38.25
50-Day Moving Average Change: -$0.129
200-Day Moving Average Change: -$0.069