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28 July 2021

Bitcoin Must Hold Support after Dipping Below $30,000 | Crypto Briefing

Bitcoin Must Hold Support after Dipping Below $30,000 | Crypto Briefing


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While its price has made a series of lower highs since then, the $29,600 support level has managed to prevent Bitcoin from a steeper correction.

Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, the underlying support level could be too weak to prevent further losses.

This is the only significant demand barrier that could absorb some of the recent selling pressure.

The IOMAP reveals that Bitcoin faces multiple layers of resistance that could prevent it from recovering anytime soon.

Given the strength of this resistance wall, only a daily candlestick close above the price level could prevent Bitcoin from continuing its descent toward $17,650. .

Such a massive demand barrier could absorb any further downward pressure, as holders who bought in that range may want to prevent their investments going “Out of the Money.” It’s possible that they could buy more tokens to help prices rebound

Such a massive demand barrier could absorb any further downward pressure, as holders who bought in that range may want to prevent their investments going “Out of the Money.” It’s possible that they could buy more tokens to help prices rebound

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