{"id":406342,"date":"2021-07-16T12:17:09","date_gmt":"2021-07-16T10:17:09","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=406342"},"modified":"2021-07-16T12:21:19","modified_gmt":"2021-07-16T10:21:19","slug":"bitcoin-bottom-predicted","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/406342-bitcoin-bottom-predicted.html","title":{"rendered":"Bitcoin bottom predicted"},"content":{"rendered":"

Bitcoin has been grinding lower in a trading range just above $30,000, prompting cryptocurrency insiders to flag the round number as a potential floor for the virtual coin.<\/p>\n

Crypto prognostication is fraught with risk, not least because Bitcoin\u2019s price has roughly halved from a record high three months ago. Even so, some in the industry are coalescing around $30,000 as a support point, citing clues from options activity and recent trading habits.<\/p>\n

In options, $30,000 is the most-sold downside strike price for July and August, signaling confidence among such traders that the level will hold, according to Delta Exchange, a crypto derivatives exchange. It \u201cshould provide a strong support to the market,\u201d Chief Executive Officer Pankaj Balani said.<\/p>\n

Traders are also trying to take advantage of price ranges, including buying between $30,000 and $32,000 and selling in the $34,000 to $36,000 zone, Todd Morakis, co-founder of digital-finance product and service provider JST Capital, said in emailed comments, adding that \u201cthe market at the moment seems to paying attention more to bad news than good.\u201d<\/p>\n

\"\"<\/a><\/p>\n

Bitcoin has been hit by many setbacks of late, including China\u2019s regulatory crackdown — partly over concerns about high energy consumption by crypto miners — and progress in central bank digital-currency projects that could squeeze private coins.<\/p>\n

The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat.<\/p>\n

Bitcoin traded around $31,600 as of 9:26 a.m. in London and is down about 6% so far this week. It\u2019s still up more than 200% over the past 12 months, despite a rout in calendar 2021.<\/p>\n

Konstantin Richter, chief executive officer and founder of Blockdaemon, a blockchain infrastructure provider, holds out hope for institutional demand, arguing Bitcoin would have to drop below $20,000 before institutions start questioning \u201cthe validity of the space.\u201d<\/p>\n

\u201cIf it goes down fast, it can go up fast,\u201d he said in an interview. \u201cThat\u2019s just what crypto is.\u201d<\/p>\n

Now read: Bitcoin crackdown in South Africa \u2014 what you should know<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been grinding lower, and cryptocurrency insiders have flagged a round number as a potential floor for the digital asset.<\/p>\n","protected":false},"author":341034,"featured_media":403597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,70814,70812,68572,70816,70810,70818],"class_list":["post-406342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-blockdaemon","tag-delta-exchange","tag-dogecoin","tag-jst-capital","tag-pankaj-balani","tag-todd-morakis"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/406342"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=406342"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/406342\/revisions"}],"predecessor-version":[{"id":406356,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/406342\/revisions\/406356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/403597"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=406342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=406342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=406342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}