Bitcoin Traders Express Optimism Despite Price Drop
The Bitcoin price continued its correction on July 4, dropping 3.34% in the last 24 hours and 5.82% in the last week. Despite this, Bitcoin traders remain optimistic, with many believing that the bottom is in.
Bitcoin price chart
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $56,709 after losing the key support provided by the psychological $60,000 level.
“Bitcoin bouncing back up, now back above the 200-day EMA,” - Bitcoin analyst Jelle
The analysts’ sentiments appear to have been informed by Bitcoin’s drop below the 200-day exponential moving average (EMA) during the early Asian trading session on June 4, as earlier reported by Cointelegraph.
Bitcoin EMA chart
The trader explained that if Bitcoin price produces a daily candlestick close above this level, “we’re looking at a successful sweep of the lows,” followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index (RSI).
Despite the bearish price action across the entire crypto sector being led by Bitcoin, analysts are still optimistic about BTC’s potential recovery to higher levels.
Bitcoin RSI chart
Long-term Holders Realize All of the Profit and None of the Losses
Data shows over 99% of Bitcoin losses were incurred by short-term holders during the past week. This is a stark contrast to long-term holders, who have realized all of the profit and none of the losses.
Bitcoin holder chart
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