BTC Clings to $36K with the data suggesting a new sell-off is coming and the price steadies and things are looking quite bad for those that have major skin in the game so let’s read more today in our latest Bitcoin news today.
BTC clings to $36K as volatility finally cooled into the weakened and Terra got down by $250 million. The data from TradingView showed BTC/USD circling the $26,000 mark overnight and lost 12% in just 72 hours. Still, near the lowest levels since late February, the pair avoided a rematch of 2022 lows at the time of writing despite the low-volume weekend market conditions. The trader Anbessa outlined the planned support level to buy BTC in what was described as a fakeout which is a zone starting at just under $33,000.
While some eyed profit opportunities, there was no hiding others’ losses like the one of the Luna Foundation Guard which is attached to Blockchain protocol Terra that purchased $1.5 billion of BTC in over-the-counter deals. According to the data from on-chain monitoring resource BitFinoCharts the LFG was down by $240 million on the BTC stash at the time of writing whcih is not include the last week’s purchase. Terra and the co-founder Do Kwon remained committed to buying unlimited amounts of BTC to back the US dollar TerraUSD, stablecoin. BTC-skeptic gold bug Peter Schiff meantime suggested that whales are responsible to keep BTC/USD at $36,000.
Analyzing the possible reasons for the extent of the BTC losses beyond the stock markets, the on-chain analytics platform cryptoQuant noted that speculators could have an overriding influence on the week’s proceedings. The exchange inflows it showed that involved coins dormant for maximum three months and likely to be owned by more speculative investors. Three months ago, the BTC/USD started rising rapidly after putting the $32,000 low and as such, the investors will have hit a breakeven point this week:
“According to CryptoQuant data, the decline in the past two days may be dominated by short-term holders. On the 5th and 6th, a total of 11.
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76k “young” BTC held for less than 3 months flowed into the exchange.”
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